China likely to miss trade and investment targets

The mainland looks set to miss its five-year targets for the first time in decades as policymakers switch their focus to quality rather than the pace of growth for the world's second-largest economy.

In a weekend meeting, Commerce Minister Gao Hucheng said the trade in goods would increase 3.5 per cent this year and services trade would rise more than 10 per cent.

Non-financial foreign investment into the mainland would reach US$120 billion and outward investment would exceed US$100 billion, Gao said.

All the numbers that were initially included in a report published on the ministry's website on Saturday have been removed, leaving a new version with identical wording.

The ministry did not give a reason for the change and calls to its news department yesterday went unanswered.

According to the ministry's 12th five-year plan, Beijing aims for total trade of US$4.8 trillion next year, or an average annual growth rate of 10 per cent in the five years from 2011. It also targets an average annual inward foreign direct investment of US$120 billion and total outward investment of US$560 billion during the five years.