Commerce Minister predicts trade to grow 30%

China's Commerce Minister says the country's foreign trade will reach 1.1 trillion US dollars by the end of 2004, a rise of 30 percent on last year.

This will make China the world's third largest trade power.

Bo Xilai also says this year's foreign direct investment in China will exceed 60 billion US dollars which is among the highest in the world.

From 1978 to 2004, the volume of China's foreign trade grew 56 times with an annual growth rate of 16.8 percent.

The minister says China is paying close attention to the increasing incidence of trade disputes and making every effort to address them.

So far, 37 countries in the world have recognized China's market economy status, which paved the way for the country to better address trade issues.

Source: Xinhua