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 DEVELOPMENT OF CHINA'S INDUSTRY |
| China¡¯s gross agricultural production of 2007 reached 2.891 trillion yuan, increasing by 3.7% compared with that of 2006. The cotton planting area was 5.59 million hectares with 70,000 hectares increase; the cotton output was 7.6 million tons, up by 1.3%. But the area of oil planting was 10.94 million hectares with 600,000 hectares decrease, and the production was 24.61 million tons, down by 4.2%. Sugar planting area was 1.67 million hectares, increasing by 100,000 hectares; the sugar output was 111.1 million tons with 11.4% growth. |
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| STATUS OF FOREIGN INVESTMENT |
| According to the statistics released by Ministry of Commerce, in 2006 there were 458 projects using foreign investment in Agriculture, up 5.77% over the same period of the previous year. The actually used foreign capital amount was 240 million USD, up 17.88% over the previous year. |
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| COMMITMENTS TO THE WTO AND INTERNATIONAL PRACTICES |
| After china's accession to the WTO, the non-tariff measures should be abolished and only tariff measures are allowed to be used in the administration of the agricultural imports. According to the Protocol of Agriculture, the conversion into tariffs should take the period of 1986-1988 as the calculation base. |
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| DEVELOPMENT OF GLOBAL INDUSTRIES |
| In terms of American agricultural trade, trade outlook report by the United States Department of Agriculture (thereafter referred to as USDA) revealed in November that in fiscal 2006, its agricultural exports increased drastically and reached record high of 68,721 million U.S. dollars, up 10% over the previous year. The exports mainly fell on corn, cotton and raw meat, their sales growth all exceeding 20%. |
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