China: Diversification helps foreign trade

China was the world's largest exporter and its second-largest importer for the second straight year at the end of 2010, the government said Wednesday. In a white paper, the Chinese Cabinet's information office said the country's foreign trade has achieved remarkable progress through the years, with total imports and exports reaching $2.97 trillion in 2010, averaging a hefty annual growth of 16.8 percent since 1978, the official Xinhua news agency reported. With the number of trading partners growing, the report said China has been able to form a diversified import and export market. It said China's foreign trade also has allowed multinational companies to thrive through investing in the country.