Minister urges win-win Sino-US trade
Updated: 2005-12-12 09:41
Chinese Commerce Minister Bo Xilai has called on the United States to work
with China to make a bigger "cake of trade" for win-win results.
"We should continue expanding two-way trade from a long-term perspective on
the road of win-win cooperation," he said at a dinner of the American Chamber of
Commerce in China held here on Friday.
Citing the framework agreement on China's purchase of 70 Boeing planes signed
during President George W. Bush's successful visit to China late last month, Bo
said China is expected to need 500 more planes by the year 2010 and more than
2,000 in the year 2020.
"The Chinese market is still at the puberty stage, and this is the foundation
lies for our cooperation," the minister said.
Hailing the signing of the agreement between China and the United States on
China's textile export, which the minister described as a win-win deal, Bo said
if the two countries could face trade friction in the spirit of mutual respect
and keep composure, China and the United States would surely get along well in
On the much talked-about trade deficit between the two countries, the
minister said trade between China and the United States is complementary rather
"Some people in the United States are complaining that China's exports have
resulted in the loss of jobs there. However, as far as I know, thanks to growing
China-US trade, the jobs lost in the manufacturing sector have been more than
offset with new jobs in the circulation field," Bo said.
In fact, he added, China has earned a very tiny proportion of the profits
from manufactured goods exported to the United States, and US importers and
retailers have got the lion's share of the profits.
Moreover, China has used a fairly big part of its hard-earned foreign
exchange to buy US treasury bonds, he said.
"On the whole, trade between China and the United States is balanced, and
China is importing an increasing number of US products," Bo said, adding that
China has become the fourth biggest market of the United States this year.
On the issue of intellectual property rights (IPR), the minister said China
has set IPR protection as a state policy, which is vital for the country to
cultivate its capability of independent innovation.
China welcomes overseas investors to cooperate in this field, and will take
seriously any case of IPR infringement, he said.