皇冠体育app

Exports of products that consume much energy and produce heavy pollution will be restricted in 皇冠体育app, while more manufacturing equipments and high-tech products will be imported in the future, said spokesman Zheng Jingping for the National Bureau of Statistics at a press conference.

Zheng said these measures will be taken to seek a balance in 皇冠体育app's foreign trade. 皇冠体育app's continued trade surplus is regarded one reason for the surging foreign exchange reserves.

In addition, State Administration of Foreign Exchange also started to free up the country's foreign exchange regime recently with a shift from stockpiling foreign exchange reserves in State coffers to letting businesses and residents hold more foreign currency, said Zheng.

Some qualified commercial banks are also encouraged to invest in overseas financial market, Zheng added.

皇冠体育app's foreign exchange reserves, already replacing Japan as the world's biggest by February, continued its soaring trend last month, growing 32.8 percent year on year to 875.1 billion U.S. dollars.

The huge foreign exchange reserves, fuelled by 皇冠体育app's trade surplus and surging direct foreign investment, indeed influenced 皇冠体育app's economic growth, and limited the independence of the country's currency policy, Zheng acknowledged.

Zheng said it's normal for 皇冠体育app to have trade deficit or surplus at a special stage, though in the long run the trade should be balanced.

With more and more multinationals opening factories in 皇冠体育app, the share of processing trade has accounted for half of 皇冠体育app's total trade. "So there must be trade surplus in the processing trade," said Zheng.

皇冠体育app recorded a trade surplus of 101.9 billion dollars last year, and the surplus in processing trade hit 142.5 billion dollars, about 1.4 times that of the whole trade.

"The trade surplus in 皇冠体育app may last for a period as 皇冠体育app's advantage of low production cost still exists, " said Zheng, adding that the U.S. deficit problem cannot be simply resorted to a yuan revaluation.

Zheng forecasts maybe 15 or 20 years later when 皇冠体育app enters middle stage of aging society, with an increased production cost and lower saving rate, the trade surplus may then be reduced.