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Commerce minister: trade performance outstanding

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Although GDP growth slowed to an annual 7.5 percent in the second quarter, Commerce Minister Gao Hucheng maintains his bullishness on the country's economic outlook.

Like it or not, China's foreign trade with its major partners fell in the first half of the year, sparking concerns that the country's economy may face more challenges. But Commerce Minister Gao Hucheng shares a different opinion.

"Our foreign trade volume reached an 8.6 percent increase year on year in the first six months, faster than the country's economic growth. And for the first time, the export volume totalled more than $1 trillion in the first half. Considering the global economic situation, our performance is outstanding." Gao Hucheng said.

Gao explains that the change in the foreign trade pattern has contributed to the steady growth. More than 60 percent of exports go to destinations other than the US, the EU and Japan, offsetting the soft demand from developed countries. And companies from China's inner regions have also shown stronger performance, taking up nearly 15 percent of the country's total export volumes. In a bid to further boost exports, the country is aiming to reshape its trade model and push for more cross-border e-commerce.

Gao also said the Chinese government wants to turn private consumption into another growth engine.

"During the first half, consumption growth in rural areas has overtaken the one in urban areas, and the rise in non-durable goods has surpassed the one of durable goods. This means that our consumption has shifted to service-based from production-based. And I am confident about the outlook for the consumption driven-economy." Gao Hucheng said.

Gao also says the capital flows into and out of China have seen a surge. More than 50 percent of foreign investment focused on the service sector, reaching $30 billion in the first six months. Meanwhile, China's overseas investment has seen a double-digit jump over the same period.