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People's Daily Online>>China Business

China issues first white paper on foreign trade, explaining surplus

(Xinhua)

13:09, December 07, 2011

BEIJING, Dec. 7 (Xinhua) -- China's trade surplus is resulted from globalization and the international division of labor, and the government's measures to promote balanced foreign trade growth have achieved obvious effects, said the country's first white paper on foreign trade released Wednesday.

"It is the country's different level and status of participation in the international division of labor in manufacturing and the services industry that leads to China's big surplus in goods trade but a long-term deficit in services trade," said the paper, entitled "China's Foreign Trade", issued by the Information Office of the State Council.

In 2010, China's surplus in trade in goods accounted for 6.1 percent of the total import and export volume and 3.1 percent of the GDP. Of the nine nations with the largest trade balances (favorable or unfavorable), China was not high up in the league table in terms of the two ratios, according to the paper.

"With the transfer of large numbers of labor-intensive processing and assembling sectors to China from Japan, Singapore and other nations and regions, their surpluses with the United States and Europe were also transferred to China," the paper said.

This explains why China runs trade surpluses with the U.S. and Europe, but has long-term deficits with Japan, Republic of Korea, ASEAN and other major intermediate producers.



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