Nation's foreign trade to exceed US$1.38t in 2005
(Xinhua)
Updated: 2005-10-20 09:05

China's import and export volume in 2005 is to exceed 1.38 trillion US dollars, over 1.9 times than that in 2000, which stood at 474.3 billion US dollars, said Premier Wen Jiabao at the Fifth Session of the 16th Central Committee of the Communist Party of China(CPC).

Wen made the remark when explaining the CPC Central Committee's Proposal on the Eleventh Five-year Program on the National Economy and Social Development.

Foreign investment used by China in the last five-year period totalled 270 billion US dollars, he said.

The income of urban and rural citizens has risen remarkably during the period, and China's economic strength, overall national capability and international status have been lifted up considerably, he said.

The oil price hike in the international market, fierce international competition and enhanced trade protectionism still constitute severe challenges to China's economy, he said, citing imbalanced rural and urban development, weak self-innovation capability, irrational economic structure and energy, environment and employment pressures as major problems in the domestic economy.