China Exports to Reach 1.231 Trln USD in 2007

China's exports are expected to reach 1.231 trln usd in 2007, surpassing the US as the world's second-largest exporter just after Germany, the official China Securities Journal reported, citing Yu Guangzhou, a vice minister at the Chinese Ministry of Commerce.

In the first seven months of the year, total imports and exports were valued at 1.172 trln usd, up 24.4 pct from a year earlier, the report said.

Meanwhile, exports were worth 654.41 bln usd, up 28.6 pct year-on-year; and imports reached 517.59 bln usd, up 19.5 pct year-on-year.

The trade surplus also rose to 136.82 bln usd, accounting for 77 pct of the surplus last year, it added.

Yu said that China's foreign trade mostly relies on labor-intensive advantages, but is weak in innovation and efficiency, and that the surplus is largely produced by processing enterprises and multi-national companies.