China is enjoying its fastest development period since its accession to the  World Trade Organization (WTO), according to a white paper released by the State Council, or China's cabinet. The paper charts three decades of trade growth, and reports on the country's efforts to achieve sustainable development.

China has been developing a dynamic foreign trade sector over the past decade. The country is enjoying 17 percent and 15 percent annual growth rates in exports and imports, making it the world's largest exporter and second largest importer.

Its total trade volume accounts for 10 percent of the world's, more than doubling the figure a decade ago.

Chong Quan, Deputy Representative of China International Trade, said, "Ten years ago, China was facing severe challenges, and was taking a pinch from the financial crisis in southeast Asia. WTO membership has brought us opportunities. Both import and export volumes have grown around five times by 2010. It's now the world's fastest growing economy."

A robust foreign trade has given China a front seat in the world arena, but the outlook is becoming complicated. Export growth has dropped to just below 16 percent in October, down from this year's peak of 36 percent in March.

The decline reflects cooling external demands and rising costs in labor, land and raw materials. And Ministry of Commerce (MOC) officials are not foreseeing fundamental change next year.

Wang Shouwen, Director of Foreign Trade Department, MOC, said, "China's exports have been declining in the past two months. A complex world economic environment is the cause for this slowdown. But we should also note that China is doing well in new emerging markets, such as Brazil and South Africa. These markets will be our focus next year."

It is important for China to transform its foreign trade pattern and to foster new competitive advantages centering on technology, branding, quality and services.

Wang said, "We encourage Chinese companies to export their own brands, establish the marketing network , facilitate exchange with foreign companies and step up work on intellectual property rights (IPR) protection."

(CNTV.cn December 7, 2011)