US claims of unfair practices a 'distortion'
US accusations regarding China's business practices, including trade and intellectual property rights, are a "distortion of facts", the Ministry of Commerce said.
In a point-by-point response to allegations based on Section 301 of the US Trade Act of 1974, the ministry said slander from the United States against China about gaining extra advantage through unfair trade practices is groundless.
The ministry's statement, released on Thursday evening, reiterated that the US has overestimated its trade deficit with China and said the main reason for the situation does not lie with China. "Rather, it is because the savings rate in the US remains low, the US dollar serves as international reserve currency, and the two countries differ in industrial competitiveness and international division of labor," the statement said.
