"Our development needs to be shared, so in future we will be even more open. We will focus on Chinese companies investing overseas, buying even more from overseas," Chen told political and economic elites gathered at the annual World Economic Forum meeting in Davos.

"We want to help boost consumption," he declared.

Major industrialised nations such as the United States have been urging China to help rebalance the global economy by boosting domestic consumption and cutting its reliance on exports.

On Thursday, Chen outlined Beijing's plan to "focus even more on joint development" with the world in the next 10 years and noted that its internal market of 1.3 billion people was a massive opportunity for foreign firms.

China is latching on to the occasion of its 10th year anniversary as a member of the World Trade Organisation as a "new start."

"We plan to be even more open. China is planning to double import trade in the next five years," he told reporters.

"We are encouraging Chinese companies to head out all over the world and expand. We are also building up our domestic market to increase consumption," he added.

China has been posting 15-16 percent annual growth in domestic consumption in recent years, Chen noted.

"In the next 10 years, such robust growth will continue," he added.

Chen last week voiced hopes that US exports to China would more than double to 200 billion dollars by 2015 as part of 500 billion dollars in overall trade.

Nevertheless, the latest US data showed that the US trade deficit with China in 2010 was likely to top the 2008 record of 268 billion dollars, even though the overall US trade gap shrank in November.

Chen said that Chinese trade surplus makes up a "very small part" of the country's output.

"Ninety-nine percent of our trade surplus is really against one country. This year, we will try our best to change this situation very quickly," he said, referring to the United States.

Chen also forecast trade would "continue to grow" for the first half of 2011.

Despite market concerns over the eurozone debt crisis and the lingering impact of the financial crisis on the US economy, the minister said orders won by Chinese companies from the United States and European Union "are still positive and showing growth this year.

"This is particularly so for orders from European and US private sector," he added.

However, he also noted that China has embarked on diversifying its export market and pointed out that the share of the US and EU is decreasing.

earlier related report
Carrefour, Wal-Mart 'sorry' for China pricing
Beijing (AFP) Jan 28, 2011 - Retail giants Wal-Mart and Carrefour have apologised after Chinese authorities accused them of overcharging customers, state media said Friday.

Eleven Carrefour stores and three Wal-Mart branches were found to have charged more than the price they displayed on products ranging from cotton underwear and tea leaves to rubber gloves, reports said.

Carrefour "sincerely apologises" and has offered to refund customers five times the difference between the price charged and that on the label, the China Daily said Thursday, citing a statement from the company.

On Friday, the Xinhua news agency said Wal-Mart in China had "expressed 'sincere apology' to affected customers".

"Further, the company has been cooperating with authorities' investigation into the cheating. It has also launched self-examinations in stores nationwide," the report said, citing a "written interview" with the company.

"(Wal-Mart) will strengthen its price monitoring."

Local authorities were ordered to fine the Carrefour and Wal-Mart stores for deceptive pricing practices and confiscate their "illegal income", the National Development and Reform Commission said on its website Wednesday.

Fines will be five times the amount confiscated, or up to 500,000 yuan ($76,000) if the amount cannot be calculated, the statement said.

The commission, China's top economic planner, also urged authorities to step up price investigations ahead of the Lunar New Year, which falls on February 3, and punish serious offenders with fines and licence suspension.

Retail spending usually soars for the most important holiday of the year as people splash out on food and gifts for families and friends.

The crackdown comes as Beijing tries to curb inflation, which rose 4.6 percent on year in December, down from a two-year high of 5.1 percent in November.

But analysts expect consumer prices to increase at a faster pace this month due to cold weather and the holiday season.

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