Business / Economy

Wen urges easing restrictions on exports to China

(Xinhua) Updated: 2012-09-12 09:37

TIANJIN -- Premier Wen Jiabao said at the 2012 Summer Davos on Tuesday that China does not seek trade surplus with the United States, while urging the world's largest economy to lift restrictions on exports to China.

The United States refused to ease its restrictions on exports of Black Hawk helicopter parts to China when the country was badly in need of such parts for rescuing people in the devastating Sichuan earthquake in 2008, Wen said while meeting entrepreneurs on the sidelines of the event, which is being held in North China's port city of Tianjin.

Wen also dismissed claims that the Chinese currency is undervalued and that China is stealing American jobs. The yuan has strengthened 30 percent against the US dollar since China launched exchange rate reform in 2005.

The currency is at an equilibrium against the US dollar, the premier said.

Wen called for large-scale bilateral trade and investment cooperation, which will help boost the US economy and increase employment.

China's trade with the United States, the country's second-largest trade partner, rose to $446.7 billion in 2011, a 16-percent growth over 2010 and a sharp increase from the 80.5 billion dollars a decade ago.

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