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China takes 7.7% of world trade volume

(Xinhua)
Updated: 2008-10-28 13:40

China's trade volume had risen to 7.7 percent of the world total in 2007 from just 0.8 percent in 1978, the first year of reform and opening up, the National Bureau of Statistics reported on Monday.

The country was the world's third biggest international trader, after the United States and Germany, compared with 29th in 1978, according to a bureau statement.

Trade volume had risen by an average 17.4 percent annually since 1978 when it stood at $20 billion to exceed $2.17 trillion last year, when it accounted for 66.8 percent of the country's gross domestic product (GDP), compared with 9.7 percent in 1978.

The ratio of industrial products exports had jumped to 94.9 percent from 49.7 percent in 1980, and that of primary products exports fell from 50.3 percent to 5.1 percent.

Meanwhile, the actual foreign capital reached $760.2 billion, with an average increase of 26.2 billion each year.

Overseas investment increased to $18.7 billion last year.

The report said energy output had grown by an annual average of 4.7 percent to hit 2.35 billion tons of standard coal equivalent, second only to the United States.

The country's energy supply was adequate for 90 percent of its domestic demand, said the report.