China aims to become major high quality trading power

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By sticking to innovation and promoting high-quality development, China aims to become a strong trading power in all respects by 2050, Chinese Commerce Minister Zhong Shan said on Sunday.

Judging by the leading indicators for consumption, trade, foreign direct investment and overseas direct investment, China is a big country in economics and trade, but it is far from being a strong trader, said Zhong Shan, Chinese Commerce Minister, at a press conference on the sidelines of the annual legislative session.

The minister said in order to become a strong trading power, China must follow the path of innovation-driven and high-quality development.

Zhong outlined one goal, six major tasks and eight action plans that need to be completed in the coming five years to make China a strong trading power in the world.

"The goal is to strive to make the country a strong trading power ahead of schedule; further consolidate the status as a big trading power before 2020 and basically become a strong trading power before 2035 and a true strong trading power in all respects before 2050," he 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, which include upgrading consumption, investing in innovation, cooperating under the Belt and Road Initiative, as well as cooperating in multilateral regional economic and trade cooperation.

Source(s): Reuters ,Xinhua News Agency