Sino-US Trade Imbalance Should Be Solved Through Development

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Last updated at: (Beijing Time) Saturday, December 21, 2002

Sino-US Trade Imbalance Should Be Solved Through Development

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The trade imbalance between China and the United States should be viewed objectively and resolved through further advancements in bilateral economic and trade relations, said Gao Yan, spokeswoman with the Ministry of Foreign Trade and Economic Cooperation during a press conference held Friday in Beijing.

Gao said China and the United States consider each other important trade partners, and the United States reaps enormous economic benefits from Sino-US trade. American consumers enjoy a more comfortable life due to inexpensive, high-quality Chinese goods, she said.

Most Chinese products cannot directly replace commodities made in the United States, she said.

US statistics indicate that, in 2001, the US trade deficit withChina reached 83 billion US dollars, the largest of all US trade deficits. In the first nine months of this year, the trade deficittotaled 73.6 billion US dollars, up 20.3 percent.

According to Chinese statistics, in 2001, China's trade surplusagainst the United States stood at 28.08 billion US dollars, whilefor the first ten months of this year, the surplus totaled 34.57 billion US dollars, up 46.5 percent.

US statistics overestimated the trade deficits, Gao said, adding that the United States blocks some of its exports to China due to technological limitations.

The US-funded enterprises in China are manufacturing more and more products, many of which are exported to the United States, and this widens the gap, Gao said, noting the US investment in China totals 39.3 billion US dollars.

Both China and the United States should work to advance bilateral economic and trade ties since this is the best way to resolve the trade imbalance, Gao said.

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