China's foreign trade expected to exceed USD2.9 trillion in 2010

China's Minister of Commerce Chen Deming stated China's foreign trade is expected to exceed USD2.9 trillion in 2010 and expects its trade and international payments to be more balanced over the next five years (Xinhua, 17-Dec-2010). Mr Chen stated it is very likely that China could become the world's largest exporter and the second largest importer by the end of the 2010 due to the strong growth in exports and imports. China's retail sales of consumer goods, meanwhile, are expected to reach CNY15 trillion (USD2.25 trillion). Retail sales of consumer goods in the 11 months to Nov-2010 reached CNY13.92 trillion yuan (USD2.1 trillion), a 18.4% year-on-year increase.