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China’s commerce minister unveils road map to upgrade foreign trade

Updated: Mar 11,2018 2:19 PM     Xinhua

Minister of Commerce Zhong Shan answers questions at a news conference on opening up on all fronts and promoting high quality development of commercial business on the sidelines of the first session of the 13th National People’s Congress in Beijing, capital of China, March 11, 2018. [Photo/Xinhua]

BEIJING — China has formulated six major tasks and eight action plans to promote high-quality development of economics and trade in the coming five years, Commerce Minister Zhong Shan said March 11.

China is a big country in economics and trade in view of its leading indicators in consumption, trade, foreign direct investment and overseas direct investment, but it is far from a strong trader, Zhong told a news conference on the sidelines of the first session of the 13th National People’s Congress.

In order to become strong, China must stick to innovation and take the road of high-quality development, according to Zhong.

Before 2020, China should consolidate its position as a big trader. The goal of becoming a strong trading nation should be basically realized by 2035 and be accomplished in all respects by 2050, Zhong said.

In the coming five years, there are six tasks to fulfill — strengthen the fundamental function of consumption in economic growth, improve the competitiveness of foreign trade, boost two-way investment levels, optimize regional opening-up pattern, form new international economic and trade relations and make commerce activities better serve people’s livelihood.

Accordingly, China has also made eight action plans, including consumption upgrading, investment innovation, cooperation under the Belt and Road Initiative as well as multilateral regional economic and trade cooperation.