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Chinese VP urges U.S. to adjust economic policies, structure to address trade imbalance

(Xinhua)

09:22, February 16, 2012

Chinese Vice President Xi Jinping addresses a welcoming luncheon hosted by the National Committee on U.S.-China Relations and the U.S.-China Business Council in Washington, the United States, Feb. 15, 2012. (Xinhua/Xie Huanchi)

WASHINGTON, Feb. 15 (Xinhua) -- Visiting Chinese Vice President Xi Jinping called on the United States Wednesday to adjust its economic policies and structure to address China-U.S. trade imbalance.

Xi made the remarks when addressing a welcoming luncheon hosted by the National Committee on U.S.-China Relations and the U.S.-China Business Council.

"It is very important for addressing China-U.S. trade imbalance that the United States adjust its economic policies and structure, including removing various restrictions on exports to China, in particular, easing control on civilian high-tech exports to China as soon as possible," Xi said.

This will help balance the China-U.S. trade, stimulate economic growth and create jobs in the United States, and improve the balance of U.S. international payments, Xi said.

Calling on both sides to work hard to deepen mutually beneficial cooperation, Xi said that over the past 33 years since the establishment of diplomatic relations, the China-U.S. trade has increased by over 180 times, reaching 446.6 billion U.S. dollars last year, and the figure is expected to top 500 billion dollars this year.

China has become the fastest growing export market of the United States, Xi said, adding that U.S. exports to China have grown by 468 percent in the last 10 years.

In 2011, China's trade surplus-to-GDP ratio dropped from over 7 percent to 2 percent, and moved within the reasonable range by international standards, the Chinese vice president said.

"The reform of the RMB exchange rate formation mechanism has played an important role in this process," he said.

Xi said China has proposed to the United States a framework for promoting two-way trade and investment.

"Our two sides need to continue to work together to tide over difficulties, advance our business cooperation to a higher level and broader areas, and create new highlights of mutually beneficial cooperation," he said.

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