Business / Economy

China confident of foreign trade growth in 2014

By Rong Xiandong, Song Jingli and Zhao Tingting (chinadaily.com.cn) Updated: 2014-03-07 09:43

Commerce Minister Gao Hucheng speaks at a press conference in Beijing, March 7, 2014. [Photo by Wang Jing/China Daily]

China, a magnet for foreign investment

China remains an attractive destination for foreign investors, said Gao.

Given the background of a weak global economic growth, foreign investment in China increased 5.3 percent year-on-year in 2013, reaching $117.6 billion.

More than half of the investment went to the service industry, rather than the manufacturing sector as it used to be, which is a great change in the investment structure, said Gao.

Although facing rising costs and contracting edges in preferential treatment, over 85 percent of foreign companies are profitable and over 90 percent of them are still willing to conduct businesses in China.

The ministry will make further efforts to improve the investment climate, he added.

APEC role is not weakening

Gao dismissed the argument that Asia-Pacific Economic Cooperation's (APEC) role is weakening in promoting regional economy and trade cooperation.

It is still the most influential bloc in the Asia-Pacific region, with the biggest number of members, Gao said.

None of the 21 APEC members believe that the APEC is weakening, he said.

It has been an important organization for China.

APEC members accounted for 60 percent of China's foreign trade, nearly 70 percent of the country's foreign direct investment and 83 percent of foreign investment in China in 2013, and eight of China's 10 major trading partners are APEC members, according to Gao.

The theme of the APEC's China Year is "Jointly Building Future-oriented Asia-Pacific Partnership".

China will work with other APEC members to make sure that the APEC informal leaders meeting, which will be held in China later this year, bring practical benefits to the region, Gao said.

In 2014, China will expand common ground with other APEC members to promote regional development and contribute to global economic development and prosperity.

In terms of investment and trade, China's major efforts will be devoted to promoting the establishment of APEC free-trade area and China will continue to support multilateral trading mechanism and oppose trade protectionism, Gao said.