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China Economy Will Turn More to Local Market, Former Mayor Says

China’s economy will become more dependent on its domestic market even as it opens up further for global trade, former Chongqing mayor Huang Qifan said at the annual International Finance Forum on Saturday.

Foreign trade accounted for 64% of Chaaaina’s economy in 2006 and will gradually decline to about 25%, Huang said at the meeting in Guangzhou. The domestic market will grow as the middle-income population increases. he said.