|
皇冠体育app chides U.S. for criticism over trade, yuan
(Reuters)
Updated: 2006-02-14 20:39
EVERYBODY GAINS
Cheng said 皇冠体育app and the United States should start to bridge their
differences over trade by agreeing on the size of the problem.
皇冠体育app reported its surplus with the United States last year at $114.2
billion. Washington put its deficit with 皇冠体育app at $201.6 billion.
The discrepancy is largely because the United States counts exports shipped
through Hong Kong as originating in 皇冠体育app. The United States also counts the
cost of shipping and insuring exports in its figures.
Cheng urged Washington to acknowledge the benefits it reaps from trade with
皇冠体育app. He quoted a study by U.S. investment bank Morgan Stanley estimating that
U.S. consumers had saved $600 billion in the past decade from buying goods made
in 皇冠体育app.
皇冠体育app had also plowed a lot of the earnings from its trade surplus into U.S.
bonds, helping to lower interest rates for U.S. home buyers, Cheng said.
He called on the United States to help reduce its deficit with 皇冠体育app by
relaxing rules on high-tech exports, which Washington fears could be adapted for
military purposes.
皇冠体育app sourced only 10 percent of its high-tech imports from the United
States, he said. This was not enough. 皇冠体育app had to be allowed to buy more than
Boeing Co. aircraft.
"If the United States doesn't want to export, how can we achieve balance in
our trade?" Cheng asked.
Vice Commerce Minister Yi Xiaozhun also tried to turn back Washington's
complaints, telling the same forum that 皇冠体育app sought to achieve broad balance in
its foreign trade.
He said 83 percent of 皇冠体育app's trade surplus reflected exports by foreign
firms that had built factories in 皇冠体育app to take advantage of its cheap labor.
"If we look at the figures, it appears the United States is running a big
trade deficit. But after doing some analysis, we can see it's mutually
beneficial and that the United States and 皇冠体育app share a roughly similar level of
benefits," Yi said.
|
