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Manage   Chinese bank cards accepted by 24 countries and regions Investment quotas for QFIIs expected to be increased China's courts see rise in IPR violation cases after WTO entry China announces 20 pct cut in airline fuel surcharge China's steelmaker Baosteel announces resignation of chairwoman Warner vows to compete pirated DVDs in China carve out   China to revamp statistical methods to assess economic health Official report estimates oil price to stay high in 2007 Electric appliances chain Gome says founder cleared in probe PetroChina oil, gas sales soar to record in 2006 Shares rebound 4.7%, fueled by buying of financial, transport stocks Tibet's fixed-assets investment tops 20 biln yuan Resources   Top bank: minimum bank balance violates regulations Customers unhappy about levels of service Yuan hits new record high; stocks fall on jitters in property sector Trade between China, Japan surpasses US$200b FDI in China tops 63 bln USD in 2006 Chinese mainland buys 1,200 tons of slow-selling Taiwan oranges

China projects slower growth in foreign trade BEIJING, Jan. 20 (Xinhua) -- China's Ministry of Commerce has projected a 15-percent growth for foreign trade in 2007, down nine percent from last year. The figure means that the country's total imports and exports would break the two trillion U.S. dollar mark this year. China, the world's third largest trader after the United States and Germany, registered 1.76 trillion U.S. dollars in foreign trade and an aggregate trade surplus of 177.47 billion U.S. dollars last year. The Ministry has predicted a slower growth in both trade and surplus this year in its 2006 Autumn Foreign Trade Report, without giving specific projections. Liu Wei, President of the Economic Institute of the Beijing University said that China's foreign trade would continue to report a surplus for the foreseeable future unless there was a sudden consumption boom at home. "A drastic decline in exports would damage job opportunities and jeopardize social stability," he said. Justin Yifu Lin, director with the China Center for Economic Research of Beijing University, contended that the country's surplus had been exaggerated. "Foreign trade has been viewed by some companies as a convenient channel to transfer overseas hot capital into China to take advantage of the appreciating Renminbi yuan," Lin said. He explained that the malpractice normally involved three parties: local processing firms, their foreign trade partners and overseas investors. The three sides would clinch under-the-table deals requiring local processing firms to purposely understate theprices for raw material imports and exaggerate the export prices for finished products. "By doing so, local processing firms would pay less and earn more foreign currency. The invisible inflow of foreign exchange would then be retained in China to bet on Renminbi appreciation," he said. "This kind of falsification may continue until market speculation on the appreciating yuan begins to fade, " Lin said.

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