CHINA'S foreign trade is expected to exceed US$2.9 trillion this year and the country expects its trade and international payments to be more balanced over the next five years, Minister of Commerce Chen Deming said yesterday.

Chen said it is very likely that China could become the world's largest exporter and the second-largest importer by the end of this year on strong growth in foreign trade.

China's retail sales of consumer goods will top 15 trillion yuan (US$2.25 trillion), with 450 billion yuan in online shopping, he said.

As for the 12th Five-Year Plan period through 2015, Chen said the ministry would aim to balance its trade and international payments.