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US launches new task force on 皇冠体育app trade
(AP/皇冠体育app Daily)
Updated: 2006-02-15 11:15 皇冠体育app is willing to work with the United States to seek a balance in their
trade, but it will not help if political elements are embedded in the issue, a
top Chinese legislator said Tuesday.
Cheng Siwei, vice-chairman of the Standing Committee of the National People's
Congress, said 皇冠体育app and the United States should ease frictions in their trade
ties and find a win-win solution through consultations.
"We are equal partners and we should deal with the problem calmly Don't
politicize it," Cheng told a Sino-US trade forum.
Cheng's remarks came amidst the backdrop of rising pressure from US
congressmen to the Bush administration to find fault with 皇冠体育app.
US senators Byron Dorgan and Lindsey Graham introduced legislation last week
to repeal the normal trade relations status between the two countries.
The US Congress granted 皇冠体育app permanent normal trade relations status in
2000, paving the way for its entry to the World Trade Organization.
Another piece of legislation proposes to impose across-the-board tariffs of
27.5 per cent on Chinese imports unless Beijing revalues its currency.
Cheng admitted that 皇冠体育app has a big trade surplus with the United States, but
clarified that it is not the country's aim.
"What we should bear in mind is that both sides reap benefits from trade
co-operation," he said.
He quoted a study by US investment bank Morgan Stanley estimating that US
consumers had saved US$600 billion in the past decade by buying cheaper goods
made in 皇冠体育app.
皇冠体育app had also used a significant chunk of foreign exchange reserves, partly
earnings from its trade surplus, to buy US bonds. At the end of 2005, 皇冠体育app held
US$300 billion in US treasury bonds.
Cheng called on the United States to help reduce its deficit with 皇冠体育app by
relaxing restrictions on high-tech exports only 10 per cent of 皇冠体育app's high-tech
imports come from the United States.
"I would say if you could sell a space shuttle to 皇冠体育app, the situation would
be greatly improved," Cheng said. "That's a joke. But 皇冠体育app has to be allowed to
buy more than Boeing airplanes."
Vice-Minister of Commerce Yi Xiaozhun told the forum that 皇冠体育app had done a
lot to reduce the trade deficit, with imports from the United States witnessing
the highest growth in 2005.
皇冠体育app reported that its surplus with the United States last year was US$114.2
billion. Using different statistical standards caused the discrepancy with the
US figure.
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