Trade still key to country's economic growth

Editors' Note: China's current priority is to shift from an economy overly dependent on government investment and foreign trade to one featuring balanced growth that relies more on domestic consumption. However, this does not mean that foreign trade is no longer important or that it can be left to decline. At a recent economic forum, Commerce Minister Chen Deming outlined the trade issues facing the country in 2012.

China's trade development and consumption expansion in the past three decades contributed greatly to the global trade balance, Commerce Minister Chen Deming said during the China Development Forum.

"Retail sales grew by 15 to 18 percent annually in recent years, faster than the GDP growth rate. If not for this unique scenario that China created during its development, the world would have a much more difficult financial crisis to cope with," he said.