People’s Daily reported on the 10th anniversary of China’s entry into the WTO (World Trade Organization). According to the report, China’s total foreign trade has grown by 21.6% annually since 2001. Standing as the largest exporter and the second largest importer in the world, China’s customs tariffs are now five times the level they were in 2001. Statistics show that, due to the decrease in international demand resulting from a sluggish world economic recovery, the rate of growth of China’s exports has been declining since August of this year. The authorities are fighting the downturn by adjusting the structure of exported goods, as well as by advancing the transformation of export companies. Those provinces that traditionally handle large numbers of exports are still responsible for over 80% of the country’s international trade.
Source: People’s Daily, December 11, 2011