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Chinanews, Shanghai, Dec. 12 - Information from the Customs Office shows that the total foreign trade volume is expected to reach a record high of 1.76 trillion US dollars worth this year, whereas in 2001, when China just entered WTO, foreign trade volume was only 509.6 billion US dollars. The total foreign trade this year is expected to be 1.2 trillion US dollars more than 2001, doubling the figure of five years ago.
By joining WTO, China has obtained a relatively1 stable and foreseeable environment in international trade for itself. As a result, Chinese foreign trade has made rapid growth. When international trade protectionism becomes more intensified2, China has effectively maintained its trade environment by applying WTO principles to solve international trade disputes. Minister of Commerce Bo Xilai points out that since China became a WTO member, Chinese export structure has been streamlined and enterprises core competitiveness has been upgraded. The fast growing export of China is backed by the improved domestic industry. Over the past five years, the finished products made in China have accounted for 94% of Chinese export products. Mechanical and electrical products account for 56% of the total export products, and the proportion of new and hi-tech products has been raised from 17.5% five years ago to the present 28%. This indicates that Chinese industry has been greatly improved over the past five years.
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