China makes notable progress in trade, economic cooperation in past 70 years: report

China has made remarkable progress in foreign trade and economic cooperation in the past 70 years thanks to its opening-up policy, according to a report from the National Bureau of Statistics (NBS).

A view of the Port of Zhoushan, Zhejiang Province, September 13, 2018. [File photo: IC]

China's total goods imports and exports in 2018 reached 4.6 trillion U.S. dollars, expanding 223 times from those in 1978, and a huge jump from the 1.13 billion U.S. dollars recorded in 1950.

As a champion of multilateral trading system, China has been committed to the promotion of trade and investment liberalization and facilitation. Multilateral economic and trade relations and regional economic cooperation have seen rapid development, particularly in the joint construction of the Belt and Road, the report says.

The materialized non-financial Foreign Direct Investment (FDI) reached 135 billion U.S. dollars in 2018, increasing 146 times from that in 1983 with an annual growth rate of 15.3 percent.

As China opens more sectors to foreign investors with the full implementation of the pre-establishment national treatment and the negative list management system, the service sector has become a new magnet for foreign investment, attracting 68.1 percent of the total foreign investment last year, it says.