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China pursues trade balance instead of surplus
www.chinanews.cn 2006-03-07 08:35:27
Chinanews, Mar. 7 - According to China Business News, China's Commerce
Minister Bo Xilai revealed in an interview yesterday that China will not
pursue considerable trade surplus but strive for a trade balance. China's
Ministry of Commerce (MOFCOM) will encourage Chinese enterprises to
import more in two approaches. First, it will propel Chinese exporters to
change growth patterns and elevate added value by way of brand-oriented
strategy. Second, it will cut import duties of certain products.
Bo said that since China's trade surplus with the US is in the initial
stage at present, the State Council will strive for a trade balance. This
may serve as a prescient way to solve the problem as soon as possible.
However, fundamental balance is not equivalent to 100% balance because
under the market rule, it is unlikely to achieve 100% balance.
When talking about the issue of China's trade surplus with the US, Bo
emphasized that it is a structural trade surplus. At the same time,
calculation of Sino-US trade should not focus on trade of goods alone but
take into account service trade, investment and market share.
China's foreign trade and foreign exchange reserves see an evident
situation of "double surplus" at present. In 2005, China's trade surplus
jumped to US$101.9 billion and its total forex reserves amounted to
US$818.9 billion. As a matter of fact, China's growth rate of exports has
been declining in the recent two years. China's exports increased 35.4%
in 2004 and 28.4% in 2005. MOFCOM estimated that China's growth rate of
exports will drop to 15% this year. Zhou Shijian, standing director of
China Association of International Trade, predicted that the growth rate
will go down to approximately 20%. This indicates that China's foreign
trade surplus may fall sharply this year, even though the trade volume
may not reach a "balanced" balance of payments.
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