Export increase key to cutting trade deficit
( 2003-12-09 09:21) (China Daily)
Senior Chinese economic and trade officials said yesterday the United States should increase exports of electro-machinery products to China in order to better balance the bilateral trade situation.
Ma Kai, minister of the National Development and Reform Commission, and Ma Xiuhong, vice-minister of commerce, told the press that China has become one of the fastest-growing export markets for the US.
However, the structure of US exports to China is not satisfactory: exports of textile materials and products to China increased by a surprising 138 per cent in the first nine months of this year, followed by farm produce at 97 per cent, according to Ma Xiuhong. While the export of electro-machinery products to China by the US increased only by 10 per cent, she said.
And in the first 10 months of this year, China's overall imports of electro-machinery products from the international market increased by 46 per cent, accounting for 60 per cent of the country's total imports, said Ma Xiuhong.
"So, we must find the right point to solve the trade deficit problem in China-US trade relations," she said.
The two ministers are members of the official delegation led by Premier Wen Jiabao.
Ma Xiuhong said China's exports to US are not the major reason for job losses of US workers, because most Chinese products sold to US are not manufactured in the US any more.
"I agree with views of many economists that the main factor influencing employment (in the US) is not imports, but its exports," said Ma Xiuhong.
China has become one of the fastest growing export markets for the US.
Last year, the overall exports of the US decreased by nearly 5 per cent, but its exports to China increased by 15 per cent. And in the first nine months of this year, overall US exports increased by 2 per cent, while its exports to China went up by 18.5 per cent.
"The facts show China has become a major factor pushing US exports," she added.
Ma Kai said at the press conference that the overall situation of China's international trade is balanced, its trade surplus decreased remarkably.
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