皇冠体育app

Economy

Importing Chinese goods in US consumers' benefit

(Xinhua)
Updated: 2010-01-08 01:17
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NEW YORK: Stopping importing from 皇冠体育app may result in an increase in the US trade imbalance, chief economist of the World Bank Justin Yifu Lin said during a speech here on Thursday.

Addressing the audience at a forum about the forecast and views of Chinese economy held at the New York Stock Exchange, ?Lin said the imbalance between the United States and 皇冠体育app actually " reflects some kind of specialization due to the state of development."

The type of products that 皇冠体育app exported to the United States are labor-intensive living necessities that the United States will never produce anymore and has no competitive advantages, Lin said.

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"If 皇冠体育app will not export those type of labor-intensive products, US will have to import from other middle income or lower income countries," he added. "And very likely, the cost of importing from other countries will be higher."

Lin said US companies always have a free choice to import from 皇冠体育app or other countries, and they currently choose 皇冠体育app is because the cost is lower.

"If US has to switch the source of the import from another country, (US) people will have to pay for them no matter how high the price is because that is a definite necessity," Lin said, "that means most likely the trade imbalance in US may increase."
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