Economy

Surplus in trade will slide again: Minister

By Xin Zhiming (China Daily)
Updated: 2010-11-14 09:38

MACAO - China's trade surplus this year will be less than the $190 billion recorded last year as the nation restructures its economy, Commerce Minister Chen Deming said on Saturday.

"The surplus has been on the decline continually and some countries' accusation (of China piling up surpluses) does not hold water," Chen said during the third triennial forum for Economic and Trade Cooperation between China and Portuguese-Speaking Countries.

It reached $290 billion in 2008 before dropping sharply to $190 billion last year. Chen said China's trade surplus with the US actually helped the latter get through the worst financial crisis in decades.

Many foreign enterprises, including those from the US, invested in China and made handsome profits, he said.

China's trade surplus amounted to $147.8 billion in the first 10 months, down 6.7 percent year-on-year, after recording a $27 billion increase in October, with a surplus of $132.5 billion with the United States during the January-October period, according to the Ministry of Commerce.

China Daily