October 31, China’s foreign trade volume will top $3 trillion this year, accounting for 10.5% of the world’s total, according to Liu Mingkang, chief of the China Banking Regulatory Commission.

The country's ratio of trade surplus to its gross domestic product will likely decline to 3% this year from 7.5% in 2007, Liu said on Friday at a financial forum.

In the first three quarter, the nation’s trade surplus hit $107.1 billion, down 10.6% over the same period a year earlier.

The country’s changing development strategy has been driven by growing imports, which are also helping support the global economic recovery, Liu added.

China's foreign trade volume expanded 24.6% year-on-year in the first 9 months to $2.68 trillion, according to statistics from China's General Administration of Customs.

Growth of imports outpaced exports in the January-September period, up 26.7% and 22.7%, respectively.

Since joining the World Trade Organization 10 years ago this year, the country has grown to be the world's largest exporter and second largest importer, said Liu.