"China will increase trade with other developing nations, striving to build a Southern Silk Road in the future," Yi Xiaozhun, China's ambassador to the World Trade Organization, told diplomats and trade experts in a speech.
China has strong trade ties with western powers -- much as that conducted along the so-called Silk Road across Asia in previous centuries -- but has been making increasing inroads into the markets of resource-rich developing nations.
China's booming exports since joining the WTO ten years ago and its economic growth are worrying Western nations struggling with a financial crisis as well as developing states concerned about their industries' competitive edge -- concerns China is attempting to quell.
"We will encourage more Chinese enterprises to go out to bring capital, jobs and growth to the host countries, especially developing ones," he said.
China's overseas investment will grow to match the volume of inward-bound investment by 2017. At the same time, booming domestic demand will lead to a doubling of imports by 2016, he said.
"We will shift our economy to the consumption-driven pattern, which means more demand for imported products and technologies," Yi said. (Reuters)
