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New Briefs: First Foreign Trade Law

New Briefs: First Foreign Trade Law

BEIJING (AP) - The trade minister said China hopes to increase its foreign trade

to U.S. $200 billion by 1995 and enter the ranks of the world's top 10 trading countries,

an official newspaper said Monday.

The China Daily quoted Wu Yi, minister of foreign trade and economic cooperation,

as saying China will speed passage of its first foreign trade law and improve and

diversify exports in an effort to meet the goal.

Wu said China also will pursue border trade with newly emerging marlets in the former

Soviet Republics and Southeast asia. China's border trade more than doubled last

year.

China was the world's eleventh largest trader in 1992 with a trade volume of U.S.

$165.63 billion, ahead of Taiwan, Singapore, and South Korea but behind Hong Kong,

according to a recent Xinhua news agency report.

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