China Commerce Minister: Optimistic About 2014 Exports

China's Commerce Minister Gao Hucheng said Monday that he is optimistic about the nation's export prospects for 2014 as high-speed rail and nuclear power equipment become new drivers of growth while more traditional areas retain strength.

In a statement posted on the ministry's website, Mr. Gao said combined exports and imports will likely total more than $4 trillion this year, up more than 7% from a year earlier, while China's exports will expand their global market share.

In the first 11 months of 2013, combined import and export growth was 7.7%, slightly below the official target of 8%.

In November, China posted a trade surplus of $33.8 billion, its biggest surplus in almost five years and up from $31.1 billion in October. Exports in November rebounded, climbing 12.7% from a year earlier and well ahead of October's 5.6% gain.

China will consolidate its traditional export advantage in labor-intensive industries such as textiles, toys and furniture production while exploring export potential in emerging areas like thermal power and infrastructure equipment, said Mr. Gao.

China's foreign trade remains a powerful engine in driving global trade growth, though it has decelerated from the average 20% growth recorded in the decade following its entry into the World Trade Organization in 2001, he said.

The minister also said that China's retail sales will likely total 23.8 trillion yuan ($3.9 trillion) in 2013, up 13% from a year earlier. Retail sales climbed 13.7% year-on-year in November and were up about 13% for the year to date.

Foreign direct investment will likely reach $117 billion for the full year, up around 5% over last year, said Mr. Gao. China attracted $8.5 billion in foreign direct investment in November, up 2.35% year on year, and had total foreign direct investment of $105.5 billion in the January-November period for a 5.48% year-on-year gain, data from the ministry showed.