BEIJING, July 20 -- China is not seeking to dominate global markets, Vice Finance Minister Liao Min said on Friday while defending the country's trade practices during a G-20 gathering near Durban, South Africa.

He said most of China's production serves domestic demand, with exports only responding to overseas needs and not part of a wider strategy to flood foreign markets, Bloomberg reported.

Liao said China's recent economic performance, including 5.3 per cent growth in the first half of the year, contributes stability at a time when global markets face uncertainty.

"China's certainty and stability are the greatest contributions it makes to the world today," Liao said, stressing the country's shift toward a consumption-led economy. ...