Chinanews, Beijing, January 30 – China's trade surplus hit a new high in 2006 ($177.5 billion). The Chinese government predicts that there will be more complicated trade conflicts in 2007, and Chinese enterprises will have to work harder to deal with the challenges this year.

 

China will pay more attention to its textile industry, as it takes up 15% of the total export value. Last year, a 1.36-billion-yuan fund was set up to finance the restructuring of the textile industry, which will be one of the most important exploratory projects in the 11th Five-Year Plan period (2006-2010).

 

At present, China is trying to cool down its economy after 20 years' rapid growth, to solve the problems arising from rash advance in the past. The State Development and Reform Commission's plan in 2007 is to improve the quality of economic growth by changing China's pattern of development and economic structure.