Bo Xilai (center, front row), minister of commerce, and other ministers listen to Premier Wen Jiabao delivering the government work report in the Great Hall of the People's in Beijing March 5, 2007. [Xinhua]

The surplus rose 74 percent last year to a record $177.47 billion.

"China does not want to see too large a trade surplus this year," Bo told reporters ahead of the opening of the annual session of the National People's Congress, China's parliament.

"Under the conditions of overall stability, we're making adjustments in some areas to realize balanced development of trade," he said.

Bo also showed openness to discussing trade complaints against China.

"As mature trading nations, it is normal to discuss some trade problems in the context of the World Trade Organization -- in a multilateral framework," he said.

US Trade Representative Susan Schwab has warned that the United States might file a case at the WTO unless China takes more action to reduce piracy and counterfeiting of US goods.

Washington agreed last year to delay filing a case after China indicated its willingness to do more to address its concerns, but Schwab has cautioned its patience would not last indefinitely.

On Sunday, US Deputy Secretary of State John Negroponte said he discussed the US-China trade relationship during his two days of talks with his Chinese counterparts, adding that last year China was the United States' fastest growing export market.

"Export opportunities for the United States to China now appear to be improving and obviously that is a trend which we wish to encourage," he told a news conference.

China's parliament is also set to pass a corporate income tax law that will equalize tax rates for local and foreign firms at around 25 percent, a move Bo said would create a more fair and competitive environment for domestic firms and foreign firms operating in China.

Domestic firms now generally pay 33 percent and foreign firms 15 percent tax.