China's Minister of Commerce, Bo Xilai in a speech delivered at a recent business conference, focused on promoting greater imports from foreign markets like the U.S. as a top priority for 2007. Bo further encourages more importing for China to achieve the trade balance in 2010.

Trade surplus tripled in 2005 to a record $102-billion up from $80-billion in 2004 and $28 billion in 2003.

Exports at record $969.1 billion in 2006, up 27% over 2005.

Imports climbed to $791.6 billion in 2006, up 20% over 2005.

Total Foreign Trade in 06 topped $1.76-trillion making China #2 in the world after US and ahead of Japan

China must boost domestic demand, modernize its inefficient financial system, reduce the need for personal savings and let the RMB appreciate ¨C some of this is being done now

China has more foreign currency reserves than any other country ¨C about $1-trillion in 2006

When measured by Purchasing Power Parity (PPP) now the 2nd largest at $7.2 trillion (US=$55.5 trillion)

When measured in USD exchange rate terms, China was 6th in 04, leapfrogging to 4th in 2005

Overseas investment in China reached $1.06-trillion in contractual volume by 2004

GDP by Sector: Agribiz 15% Industry 53% Service 32%. Trading partners: US 21% EU 18% HK 17% Japan 12%. Average tariff rates on key US agriculture dropped from 31% to 14% in 04 and industrial products from 25% to 9% in 05

Capitalism has overtaken China, not just consumerism but in industry as well

More than 300,000,000 in the new "Middle Class"

Over the past twenty years, China has been growing at 9.5% for the past two decades; its GDP is predicated to overtake US by year 2025

WTO, Olympics, Yuan policy, low interest rate and its open policy are all positive for US business go to China.

No. 1 mobile subscribers, more than the next three nation (US, Japan and Germany) combined, growing at 27% in year 2006

No. 1 Internet users, more than US, growing at 14% in year 2006

No. 3 in PC, year 2005, growing at 17% in year 2006

No. 1 producer and consumer in many consumer products.

No. 2 in automobile market, just after US.

Advertising: $422 M in year 2005, growing at 35% in year 2006

Wireless service $1.13B in year 1005, growing at 20% in 2006

Online game: $633M in 2005, growing at 30%-35% in year 2006

E-Commerce: $170M in 2005, growing at 40%-50% in year 2006

China has graduated more engineers per year than US, Japan and German combined, it is predicated over the next 10 years, China and India will have over 40% highly educated engineer pools over the entire world.