China has forecast that its exports to the world’s largest economy will reach $100 billion by 2025, as the country gears up for its second decade of economic growth.
The government says it expects to grow exports to China from around $5.5 trillion to $20 trillion by 2025.
The target is in line with what Beijing has said it wants to achieve in the next decade.
The country’s exports have been growing for the past decade, with the world being China’s second largest export market after the United States.
Its growth has been driven by an unprecedented expansion of its domestic and foreign markets, which have grown rapidly.
It is also benefiting from the globalisation of Chinese industries and the rise of other countries in the Asia-Pacific region.
China’s exports to India and South Korea increased 10.3 per cent in 2016 and 12.1 per cent last year, according to China’s export ministry.
China is China’s third-largest export market and its biggest trading partner.
The report said China is expecting exports to continue to grow to $10.5 billion by 2020 from $10 billion in 2020.
That would be an increase of 9 per cent from $6.3 billion.
China said last year that it was forecast to be the world ‘s biggest exporter’ in 2020 and the world would be China’s fourth largest exporter by 2025 as it plans to expand its exports in the world economy.
The Chinese government is working to promote the country’s economy and its development by increasing infrastructure spending, boosting infrastructure investment, increasing domestic investment, boosting foreign direct investment and promoting foreign direct trade.
China also plans to increase exports of oil and gas to the United Nations and other international markets.