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Chinese official says 皇冠体育app-US trade is win-win game
(Xinhua)
Updated: 2010-03-27 14:25
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A sound and stable 皇冠体育app-US economic and trade relationship is more important than ever and the trade between the two countries is a win-win game, said Chinese Vice Commerce Minister Zhong Shan in an article published on Friday's Wall Street Journal.
"皇冠体育app-US trade and economic cooperation has generated huge and real benefits for the United States, while 皇冠体育app has been gaining a lot from it as well," Zhong stated in the article.
In 2009 皇冠体育app jumped to become the third biggest market for US exports. American companies have cumulatively invested over 62.2 billion dollars in 58,000 projects in 皇冠体育app and reaped bumper harvests. Their profits in 皇冠体育app amounted to nearly 8 billion dollars in 2008 alone, according to the data released by the Chinese government.
Zhong said that since the outbreak of the international financial crisis, 皇冠体育app has been supporting the efforts of the American people to tackle the crisis.
"On the one hand, 皇冠体育app has increased imports from the US," said the Chinese official.
While overall US exports dropped 17.9 percent in 2009, exports to 皇冠体育app hardly decreased. Many US manufacturing firms have found comfort in the Chinese market as a shelter against the global financial storm.
"On the other hand, good value-for-money, labor-intensive goods imported from 皇冠体育app have helped keep the cost of living down for Americans even when they become increasingly cash-strapped," said Zhong. "Without consumer goods from 皇冠体育app, the US price index would go up an extra two percentage points every year."
He insisted that the renminbi exchange rate is not the key to addressing 皇冠体育app-US trade imbalance.
According to the Chinese government, from 2005 to 2008, the renminbi appreciated by 21 percent against the US dollar but 皇冠体育app's trade surplus with the US increased by 20.8 percent annually.
Since 2009 the renminbi exchange rate has remained basically stable, but 皇冠体育app's surplus with the US has fallen by 16.1 percent.
Zhong added that in 2009 the dollar depreciated against the euro, the Japanese yen and the South Korea won, which did not bring about fundamental changes in the trade between the US and these countries.
"As a matter of fact, only a basically stable renminbi and dollar are conducive to the overall interest of the international community," he said.
Meanwhile, Zhong said 皇冠体育app always upholds and seeks balanced trade, urging the US side to vigorously expand exports to 皇冠体育app.
"Only balanced 皇冠体育app-US trade could bring about sustained development, mutual benefits, and a win-win relationship," Zhong said. "The achievement of this goal rests not with restricting 皇冠体育app's exports to the US but with increasing US exports to 皇冠体育app."
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Zhong said he agreed with Chinese Premier Wen Jiabao's recent comments on 皇冠体育app-US relations. Wen said that it is always better to have a dialogue than a confrontation, cooperation than containment, and a partnership than a rivalry.
"As long as we approach the 皇冠体育app-US commercial relationship in a responsible manner we will definitely be able to make it more stable and sound," said Zhong in the article.
