US policies are root cause of trade crisis

China has boosted market access for foreign firms, says former minister

The huge trade deficit the United States has with China was caused by its own policies, and both countries are facing domestic problems that should be resolved through structural reforms, former Chinese finance minister Lou Jiwei said.

The root cause of the China-US trade problems is Washington's own policy choices, which have led to low saving rate of the US residents and an excessively high fiscal deficit of the federal government, Lou, currently chairman of the National Council for Social Security Fund, made the remarks at an economic forum in Beijing this week.