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Historic Progress in China's Foreign Trade
After the founding of the People's Republic of China(PRC) in 1949,Chinaadhered to the principle of independence and self-reliance, and gradually carried out economic and trade exchanges with foreign countries. However, hindered by the international political environment at that time and the country's planned economic system,China's foreign trade development was relatively slow. 

In 1978 Chinaentered the new period of reform and opening up. Devoting major efforts to the development of foreign trade became an important approach to accelerate modernization, shake off backwardness, promote the growth of economy, and improve comprehensive national strength. Over the past 30 years or so, seizing the opportunity of the world economy's long-term prosperity and the deepening economic globalization,Chinahas opened wider to the outside world, attracted and utilized foreign investment, introduced advanced technology, transformed and upgraded domestic industries, and achieved rapid development in foreign trade through all-round participation in the international division of labor and competition.

 

 -- China's total trade volume in goods ranks high globally. In 1978 the total value ofChina's import and export was only 20.6 billion U.S. dollars, ranking 32nd in world trade and accounting for less than 1 percent of the world's total. In 2010 the total value ofChina's import and export reached 2.974 trillion U.S. dollars, 144 times as much as that in 1978, averaging an annual growth of 16.8 percent. In 2010 the total value ofChina's export was 1.5778 trillion U.S. dollars, showing an a 17.2 percent annual growth on average, and the total value of its import was 1.3962 trillion U.S. dollars, showing a 16.4 percent annual growth on average. In 2010, the total volumes ofChina's export and import accounted for 10.4 percent and 9.1 percent of the world's total, respectively. By the end of 2010Chinahad been the world's largest exporter and second-largest importer for two consecutive years.

(Figure 1 China's Import and Export of Goods 1978-2010)

 

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