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Lift restrictions for a balanced trade
(Xinhua)
Updated: 2004-04-08 07:58
China is taking steps to resolve the problem of the trade deficit between
China and the United States, and hopes the United States will lift the
restrictions on its exports to China so as to expand bilateral trade, a Chinese
official said in Beijing on Wednesday.
"We didn't deny there is the trade deficit between China and the United
States, and we are making great efforts to resolve the problem by increasing
import purchase orders from the United States," said He Yafei, Foreign Ministry
director-general of the Department of North American and Oceanian Affairs.
He said the Chinese side also hopes the US side will take measures to loose
its restrictions on exports to China. "If those export restrictions are removed,
the trade between China and the United States will be greatly increased," He
said.
He said with the rapid growth of the Chinese economy, China is facing
increasing demands on electricity. As a result, the Chinese government is
working on introducing nuclear techniques from foreign countries.
Upon the upcoming China visit of the US Vice President Dick Cheney, He said
the Chinese side hopes China and the United States can make progress in import
of nuclear techniques.
"Just like Chinese Premier Wen Jiabao said during his US visit at the end of
last year, the Sino-US trade deficit should be resolved in a win-win way," said
He. "Thus the US side should increase exports to China rather then cut its
exports."
According to the director, the Sino-US trade has increased nearly 50 times
since 1972 when the two countries established diplomatic ties. During the first
two months of this year, US exports to China increased by 52.3 percent over the
same period of last year.
In addition, He said the US unemployment problem should not be blamed on
China. Analysis by economists from the United States and other foreign countries
has shown that the trade deficit with China is not the cause of US job losses,
the director added.
The Sino-US trade volume accounts for less than one percent of the US GDP
(gross domestic product), which is too low to influence the US economy, said He.
On the Renminbi exchange rate, He said both China and the United States have
discussed this issue at all levels.
He said for a long-term view, China will form its currency mechanism based on
the market, but at the current stage, any change of China's currency system will
influence the Asian finance and economy.
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