China will become the second largest market in the world in 2010

Wu Yi, vice premier of the State Council of the People's Republic of China, spoke at a welcome dinner hosted by six groups including the US-China Business Council in the United States on the evening of the 24th. He said that by 2010, China is expected to become the second largest market in the world after the United States.
Wu Yi said that expanding domestic demand is a basic foothold for China’s economic development and an important part of China’s economic and trade policies. At present, the process of industrialization and urbanization in China has been accelerating, the people’s living standards have improved, and the consumption structure has been accelerating. China, with a population of 1.3 billion, has a realistic and potentially huge domestic market.
She said that by 2010, China is expected to become the world’s second largest market after the United States, with an import value of about US$1.2 trillion, an import value of service goods of more than US$200 billion, and a domestic market scale of nearly US$5 trillion.
She stated that China also strives to promote the building of a resource-saving, environment-friendly and innovative country. All these will create huge market space and rare business opportunities for global trading partners including the United States, creating favorable conditions for China to achieve a basic trade balance.
According to China's customs statistics, China has jumped from the world's eighth-largest import market in 2000 to the world's third-largest import market. In 2006, the amount of imported goods reached 800 billion US dollars.

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