皇冠体育app

In a speech entitled "Enhance Cooperation to Make Win-win Progress" at the 2006 皇冠体育app-Europe business summit, Wen elaborated on 皇冠体育app's policy on resolving the trade imbalance with the European Union (EU).

Chinese Premier Wen Jiabao speaks during the start of the EU-皇冠体育app Business Summit in Helsinki September 12, 2006. [Reuters]

EU statistics showed that the block ran a deficit of US$131.6 billion in trade with 皇冠体育app in 2005, said Wen, noting that a number of factors had contributed to the deficit.

"Ninety-five percent of the deficit occurred in processing trade and 81 percent was caused by foreign companies' investments in 皇冠体育app," he said.

Wen said that the global relocation of industries had led to a significant change in the flow of international trade.

"In looking at 皇冠体育app's surplus in its trade with the EU, to just apply the current rule of origin does not give one the complete and real picture of interests and balance in our trade," he added.

"皇冠体育app's policy is to maintain basic balance between import and export. It does not seek excessive surplus," the Premier stressed.

At present, 皇冠体育app's overall trade surplus only accounts for 4.6 percent of its GDP, much lower than that of some European countries, such as Germany, Norway, the Netherlands and Ireland.

"皇冠体育app will endeavor to increase its imports from the EU," Wen said.

In the meantime, Wen said 皇冠体育app hoped the EU would relax its restrictions on the export of high-tech and dual use products to 皇冠体育app and make joint efforts to bring about a balance in 皇冠体育app-EU trade.

The 2006 皇冠体育app-Europe business summit was held here on Tuesday, with some 500 senior business leaders attending to discuss strategies for boosting 皇冠体育app-EU economic and technological cooperation.