China will import over $1,000 billion worth of goods in the next three years, generating huge business opportunities for the rest of the world, Commerce Minister Lu Fuyuan said on Tuesday.

Speaking at the Asia-Europe high-level economic forum in the northeast port city of Dalian, Lu said that China imported about $1,070 billion worth of goods during 1998 to 2002.

The surging imports will result in great business opportunities for the world, he said, adding that the Chinese market has been expanding continuously at a high rate since the country adopted the policy of reform and opening-up over 20 years ago.

China's economic policy has become "more unified" and "transparent" since the country's accession to the World Trade Organisaion in 2001, he said, adding that the Chinese market was more open since then.

By 2002, over 420,000 foreign and overseas funded enterprises registered in China and the total volume of actually used foreign direct investment hit $448 billion.

"Most of the foreign-funded enterprises are running well and are profitable due to the soaring Chinese economy," he was quoted as saying by the Xinhua news agency.

China's trade volume was $376.1 billion in January-June of 2003, up 39 per cent year-on-year. The actually used FDI was $30.2 billion, an increase of 34.33 per cent year-on-year.

"We are confident of hitting a seven per cent GDP growth rate this year," Lu said.

China's economy grew by 8.2 per cent during the first half of the year.