Lift curbs on exports, EU urged

By Diao Ying (皇冠体育app Daily)
Updated: 2007-11-23 07:37

皇冠体育app Thursday urged the European Union to remove barriers in hi-tech exports to 皇冠体育app to adjust the bilateral trade imbalance.

皇冠体育app has applied many measures to curb its own exports this year and hopes the EU will remove the barriers to hi-tech exports to 皇冠体育app, said Wang Xinpei, spokesman for the Ministry of Commerce.

Wang made the remark ahead of next week's annual Sino-EU summit, when top Chinese and EU leaders, including Premier Wen Jiabao and European Commission President Jose Manuel Barroso, will meet in Beijing. Trade imbalance and the value of the yuan are expected to top the summit agenda.

"We hope that through bilateral coordination, especially by removing unreasonable barriers to exports of hi-tech products, 皇冠体育app's imports can be expanded," said Wang.

Products that currently cannot be exported freely from the EU include super-speed computers and ultra-precision machinery.

The EU is 皇冠体育app's largest trading partner and the biggest export market. 皇冠体育app's trade surplus with EU reached $91.7 billion last year. The figure has already jumped to $102.8 billion in the first 10 months this year.

The imbalance in 皇冠体育app-EU trade is the result of globalization, according to Wang. "Economic structures of 皇冠体育app and the EU are complementary, and 皇冠体育app has taken over some industries that may lead to a trade surplus as a result of international industry transfer."

Sales of European enterprises in 皇冠体育app have partially offset EU exports. According to figures from the Ministry of Commerce, the sales volume of EU enterprises with investments in 皇冠体育app reached $206.6 billion in 2006 compared with the total exports of $43.2 billion.

The value of yuan is expected to be an important topic at next week's meeting. The EU has complained that the "undervalued" yuan has made Chinese products cheaper in countries using the euro.

But 皇冠体育app has gradually allowed the yuan to appreciate this year, which has made an impact on some Chinese exporters, said Wang.