Chang Xiaocun, head of the science and technology division with the Ministry of Commerce, disclosed the target in an article in a magazine published to mark the 99th China Export Commodity Fair that opened on Saturday in Guangzhou, capital of south China's Guangdong Province.

Chang wrote that foreign trade in high and new technology commodities should reach 500 billion U.S. dollars this year.

The value of import contracts should exceed US$23 billion US dollars, a rise of 20 percent, said Chang.

Trade in high and new technology commodities topped US$416 billion last year, of which, imports accounted for US$197.71, up 22.5 percent. The value of contracts for imported technologies reached 19.05 billion dollars in last year, a rise of 38 percent.

The Chinese Export Commodity Fair, a biannual event launched in 1957, consists of two phases: manufactured goods, textiles and garments, foodstuffs and medicines in the first phase; and souvenirs, gifts and household commodities in the second.

The 99th fair, with 30,058 booths, has attracted 13,686 exhibitors, an increase of 1,031 over last year. The first phase will run from April 15 to 20 and the second from April 25 to 30.

It is estimated approximately 450,000 people will attend.