China's trade surplus may hit US$130b
(Xinhua)
Updated: 2006-06-27 09:05 China's trade surplus may hit a new high of
between 120 billion and 130 billion U.S. dollars in 2006, Bi Jingquan, the
deputy head of the National Development and Reform Commission (NDRC) has
estimated.
Bi was quoted by Monday's China Securities Journal as
saying the huge trade surplus is a direct result of the fiscal and tax policies.
An export port in Ningbo, East China's
Zhejiang Province is seen in this photo taken on June 18, 2006.
[newsphoto] |
China should improve its policies concerning tax rebates for exports and
processing trade, Bi said at an international symposium on the reform of China's
public fiscal policy held in Beijing at the weekend.
According to figures from the General Administration of Customs, China had a
record trade surplus of 101.8 billion dollars in 2005, the twelfth consecutive
year in which China posted a trade surplus.
The huge trade surplus has led to increased trade disputes between China and
its main trade partners and vociferous calls for the appreciation of the Chinese
yuan.
A new surplus high in 2006 will bring even greater challenges to the exchange
rate of the yuan, the report said.
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