On December 16, Minister of Commerce Chen Deming told the official Xinhua News Agency that he expects China’s total foreign trade to be larger than 2.9 trillion in U.S. dollars by the end of 1020. (Please note that prices are quoted in U.S. dollars only for comparison sake, China trades with most countries in the world, these numbers are not specific to U.S./China trade.
That is a sharp rebound from the 2009 recession level.
He went on to say that would make China the world’s largest exporter and second largest importer of goods and services.
Counting $67 billion of online shopping, China’s consumer goods sales will be more than $2.2 trillion this year.
The Minister also told Xinhua that the next five years is a critical time when Chinese companies will be investing overseas and that after that China would strive toward a balance in its import and export payments.
China has taken many steps to spur domestic consumer consumption such as giving subsidies and tax breaks to citizens buying more fuel-efficient vehicles.