The foreign trade volume of China will surpass US$780 billion this year, and is likely to reach US$800 billion, said Vice-Minister of Commerce Wei Jianguo on Friday.

Wei delivered the forecast at a forum of the World Economic Development Declaration Conference (WEDDC) held in Zhuhai, a coastal city in South China's Guangdong Province.

According to Wei, China's total trade volume in the first three quarters of this year has reached US$606.3 billion, increasing 36 percent year-on-year, in which the import sector surged 41 percent to US$298.6 billion.

China became the sixth largest importer in the world last year, with total imports at 300 billion dollars, said Wei.

In 2003, China's total trade volume will top 780 billion dollars, and may even hit 800 billion dollars, the vice-minister said.

Wei said the fast economic growth in China has offered great business opportunities to foreign investors. From January to September this year, China's contracted foreign direct investment reached US$79.2 billion, a year-on-year rise of 36 percent. The actually used foreign direct investment hit 40.2 billion, up 12 percent.

Wei said China will further improve its investment environment in the future by establishing a stable and transparent foreign economic management system and improving the relevant laws and regulations for better legal service.

(People's Daily November 8, 2003)