BEIJING- Commerce Minister Chen Deming said Wednesday that the trade imbalance betweenChinaand theUnited Statesis “questionable” and “should be rethought” with the fact ofChina’s huge trade surplus with theUnited States.
Chen said at a press conference during the parliamentary session thatChina’s overall trade surplus was about $150 billion in 2011, but the surplus with the United Statestotaled more than $200 billion.
“Anyone with a basic knowledge of economics can find a clear conclusion,” Chen said while commenting on the relationship between exchange rates and China-US trade issues.
During his visit to the United Stateslast month, Vice President Xi Jinping called on theUnited Statesto address the China-US trade imbalance.
“It is very important for the United Statesto adjust its economic policies and structure, including removing various restrictions on exports to China, in order to address the trade imbalance,” Xi said.
In 2011,China’s trade surplus-to-GDP ratio dropped from over 7 percent to 2 percent, moving within a “reasonable range by international standards,” according to Xi.
“The reform of the yuan’s exchange rate formation mechanism has played an important role in this process,” Xi said.
The yuan’s exchange rate has stayed within a reasonable range andChina will keep it at a stable level while making it more flexible, Chen said, noting all countries should maintain the stability of their currencies’ exchange rates in light of the global economic crisis.
Deliberate currency devaluation is “not desirable” and will undermine economic recovery, Chen said.
When commenting on export conditions to Europe, Chen said he is confident that Europe is capable of walking out of its debt crisis, andChina has encouraged its enterprises to export and invest inEurope.
Europe isChina’s top trading partner and the largest source of technology imports, its development and prosperity are closely bound withChina, Chen said.
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