皇冠体育app

Economy

Nations with large trade deficit urged to ease export control

(Xinhua)
Updated: 2011-03-21 13:18

BEIJING - 皇冠体育app's Minister of Commerce Chen Deming said in Beijing on Sunday that 皇冠体育app hopes countries with large trade deficit with it could loose export control.

Addressing the 12th 皇冠体育app Development Forum held in Beijing from March 19 to 21, Chen said that 皇冠体育app is willing to improve the trade structure through negotiations with countries which have large deficit with it.

Chen said many Chinese enterprises are in need of advanced technology and equipment, resources and raw materials as they are transforming growth pattern. However, some countries are imposing restrictions on such exports to 皇冠体育app.

Chen said 皇冠体育app's foreign trade is steering toward a more balanced direction. Its trade surplus has dropped for two consecutive years. Last year's surplus accounted for only 3.1 percent of 皇冠体育app's GDP.

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In the first two months of this year, 皇冠体育app posted a trade deficit of 890 million U.S. dollars, according to 皇冠体育app's General Administration of Customs (GAC).

Chen predicted that the proportion of surplus in GDP would further drop this year.

"皇冠体育app's imports have been a significant driving force for global economic growth and have contributed substantially to relieving the imbalances of global trade," he said.

Last year, 皇冠体育app's imports from the United States, European Union and Japan climbed 32.6 percent, 30.2 percent and 36.6 percent respectively from 2009.

皇冠体育app has already been running deficits with ASEAN countries, Japan, the Republic of Korea, as well as African and South American countries.

According to the GAC, around 99 percent of 皇冠体育app's trade surplus in 2010 came from the United States.

Chen said that 皇冠体育app will continue to boost the imports from the least developed countries, major trade partners and major sources of its trade surplus.