Magazine article Business Asia

China's Foreign Trade Soars, IT Up, Restaurants Boom

Magazine article Business Asia

China's Foreign Trade Soars, IT Up, Restaurants Boom

Article excerpt

Just at the moment it seems nothing can stop China's meteoric economic growth. A whole swag of financial figures, booming businesses and foreign investments continue to underpin growth in the country.

As an example, China's foreign trade volume totalled US$147.64 billion in the first two months of 2004, up 35.4 per cent year-on-year, according to the latest figures from the General Administration of Customs. The figure included US$69.87 billion in exports and US$77.77 billion in imports, up 28.7 per cent and 42 per cent respectively compared with the same periods last year.

China's General Administration of Customs officials said the rapid increase in China's trade with key partners was due to rising exports of mechanical and electrical products and soaring imports of crude oil, iron ore and other raw products.

And the Chinese IT market is set to reach $40 billion this year--that's 289.8 billion yuan, up 15 per cent year-on-year, according to IT consulting firm China Computer World Research who add that they believe the hardware market will reach 190.1 billion yuan ($26 billion), a yearly rise of 10 per cent. The software and IT service markets are expected to reach 53.9 billion yuan ($8 billion) and 45.8 billion yuan ($7.2 billion), up 25 per cent and 27 per cent year-on-year respectively. In 2003, China's IT market reached 252 billion yuan ($35.47 billion), an increase of 11 per cent over the previous year.

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