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Trade surplus rocketing brings pressure
www.chinanews.cn 2005-07-28 09:16:53
(Source: China Daily)
A woman works in an export-oriented textile mill in East China An'hui
Province, June, 2005.
July 28 - China's foreign trade surplus stood at 39.6 billion US dollars
in the first half of this year, almost equal to the total trade surplus
for the whole year of 2004, intensifying the country's trade disputes
with major trade partners.
In the first six months of the year, exports reached 342.3 billion US
dollars, up 32.7 percent as against imports of 302.7 billion US dollars,
up 14 percent, which is 29 percentage points lower than the same period
last year, the National Bureau of Statistics (NBS) said.
The soaring trade surplus has led to increasing overseas protectionist
measures against Chinese goods.
The country's trade surplus against the United States and Europe Union
reached 49.1 billion US dollars and 31.6 US dollars, up 56.4 percent and
130 percent, respectively.
Too much of a trade surplus does no good to the economy of China, which
wants a basic trade balance, an expert said, noting the Renminbi
appreciation should help China expand imports and curb soaring exports.
Although China's trade volume ranks third in the world, the quality of
and profits from the trade still remain a low level, the expert said.
Therefore, the RMB appreciation and the reform of the foreign exchange
rating mechanism should help China to shrink its trade surplus and ease
international pressure in the long run, the expert said.
��Trade surplus to continue: NSB (2005-07-20)
��China trade surplus to surpass 70 bln USD (2005-07-07)
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