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China to outstrip Germany by 2008
China will overtake Germany to become the world's second largest trading country in 2008 if foreign trade maintains a 15pc annual growth rate, according to the Vice Minister of Commerce Gao Hucheng. In a speech at Beijing University yesterday, Gao predicted China would also be likely to replace the United States as the world's top trading country sometime between 2015 and 2020, the official Xinhua news agency reported. Gao said China's Gross Domestic Product will reach 15 trillion yuan (USD1.8 trillion) this year, ranking the economy sixth in the world. By the end of the year, China's foreign exchange reserves will reach USD800bn. China's total foreign trade is expected to top USD1.4 trillion this year, up 20pc from 2004, with exports growing 26pc and imports around 18pc, Gai said, citing ministry reports.
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