China's trade surplus to US to narrow
2009-Dec-7 14:57:11

China's exports have dropped considerably to the United States since the financial meltdown and its trade surplus to the US will decrease this year by $100 billion, according to Chinese Ambassador to the United States Zhou Wenzhong.

"We're aware of the importance of changing the growth mode," he said. "We're decreasing exports while increasing domestic consumption. But that will take time."

Zhou made the remarks after a speech addressing the 2009 Gala Dinner of the National Committee on United States-China Relations (NCUSCR) held last Thursday in New York.

According to China's General Administration of Customs, China's exports from January through October dropped by 20.5 percent compared with the same period last year. During the same period, its export volume to the US dropped by 11.3 percent, while the export price declined by 5.3 percent.

China-US trade volume decreased by 15 percent, according to Chinese customs.

"We're in the same boat [in fighting against the financial crisis]," the ambassador added. "I truly believe that in the new situation, the interests of China and the US are interconnected to such a degree that one could hardly do without the other."

Such "comprehensive, strategic and cooperative" bilateral relations were also acknowledged by US President Barack Obama, who sent a letter of congratulations to the committee on its gala. In the letter, he said the US "welcomes China's efforts to play a greater role on the world's stage, a role in which its growing capability will be joined by greater responsibility."

The gala also honored Google and ITT Corporation for their contributions to the China-US relationship.

The NCUSCR is set to hold a China Town Hall event next week to provide American businesses a chance to discuss with scholars how the development of Sino-US relations is impacting Americans. It will also co-host a forum with the China Center for Economic Research early next month on the prospect of China's economy in 2010.

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