The World Trade Organization predicts a faster growth pace in global trade of 4.7 percent for 2014 on Monday.

It also warned about potential risks in the slowdown in developing economies and intense geopolitical uncertainties.

Before the release of the figure, many trade experts had expected the WTO to lower its previous 4.5 percent prediction for the year.

Recovery in the United States and Europe could prompt an upturn in global trade, according to the WTO.

Meanwhile, the WTO also cautioned that the expected growth still lags behind the 5.3 percent average growth of the past two decades and is also much lower than the average 6 percent in the pre-crisis period from 1990 to 2008.

China contributes over 30% to global trade	China confident of foreign trade growth in 2014