Business / Economy

China contributes over 30% to global trade

(Xinhua) Updated: 2014-03-04 09:38

BEIJING -- China contributed over 30 percent to global trade growth last year, an economic expert said on Monday, following an announcement that the country overtook the United States as the top goods trading nation in 2013.

Tong Jiadong, vice president of Nankai University, said China's surging foreign trade has propped up the economic advancement and trade of other countries and regions. Tong made the comments while attending a seminar held by the Ministry of Commerce (MOC).

According to his calculation, an increase of $100 million in China's exports will bring about $630 million  in global trade, or $140 million in global gross domestic product.

China's goods trade topped the world with a value of $4.16 trillion last year, including $2.21 trillion in exports and $1.95 trillion in imports, data from the World Trade Organization said.

However, China is still far from becoming a strong trading nation as it is not competitive in the high tech sector, which is the key sector of the modern economy, Tong said.

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