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People's Daily Online>>Opinion

US must ease restrictions on exports to China

(People's Daily Overseas Edition)

16:01, November 08, 2011

Edited and Translated by People's Daily Online

Beijing, Nov.8 (People's Daily Online) --One prevailing view in the media is that the monetary act approved recently by the U.S. Senate is aimed solely at China, but Chinese Minister of Commerce Chen Deming does not agree with this viewpoint.

Chen said that the monetary act is aimed at all countries holding the U.S. dollar. He hopes the monetary act will not be signed into law. If it does, the United States will set a poor precedent of violating international treaties and obligations.

"I do not hope trade frictions or even a trade war will occur, because it will be harmful to both China and the United States and will damage the interests of the enterprises and people of the two countries directly," Chen said.

Chen said that if China's overall foreign trade is balanced but there is a relatively severe imbalance with some large country, it does not mean there is something wrong with the exchange rate.

Chen gave his analysis of the source and structure of China's trade surplus with the United States. In 2010, China's trade surplus from the United States almost accounted for China's whole trade surplus.

Some 75 percent of the trade surplus with the United States came from foreign-invested companies, while China's state-owned enterprises had zero trade surplus. Therefore, it is completely groundless to claim that China helps its state-owned enterprises to create a trade surplus.

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Leave your comment7 comments

  1. Name

PD user at 2011-11-17195.229.241.*
come what may.... US must never loosen their stand....
Nic at 2011-11-13124.13.104.*
US is double-face. Take their remarks with a pinch of salt.We should all wise-up by now.
PD User at 2011-11-09175.139.86.*
I. too is of the opinion that Chinese leaders are easily being hoodwinked by the US lawmakers for stating that the Bill is not directly targeted at China, but it applies to all countries that have surplus with the US. This is only an excuse by the US. Didn't we hear lawmakers from the US Senate clamoring to punish China because of the Yuan?China must stand up to challenge the US unfair tactics once and for all. It is no use just making statements as it is ineffective. The US must be made to feel China's anger; and they must be made where it hurts the US. As US is very thick skinned; several measures have to be taken at the same time.
PD User at 2011-11-09193.105.210.*
Good report, please keep going on.
Fat-Chun Leung Ki at 2011-11-09188.61.105.*
Many China"s leaders are ambivalent when it comes to speak frankly about the United States for reasons no need to elaborate here. Minister Chen seems to be quite naive to say that the monetary act is not aimed at China. China is the only country with US dollar reserve of over 3,200 billion. Obviously,China is obviously the main target.

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