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皇冠体育app-US trade mutually beneficial: Ministry
(Xinhua/AP)
Updated: 2006-02-25 13:32

The United States' trade deficits with 皇冠体育app do not reflect the whole picture of the two country's trade ties, 皇冠体育app's Ministry of Commerce said on Friday.

Chong Quan, a spokesperson of the ministry, said the balance of the two country's economic and trade benefits should be viewed from not only trade and investment, but also trade of goods and services.

In an interview with Xinhua over the report by the Office of U.S. Trade Representatives (USTR), Chong said fast development of Sino-U.S. trade ties facilitate the sustained economic growth of the two countries and bring about enormous mutual benefits. U.S. consumers benefit hugely from cheap and quality goods made in 皇冠体育app.

It is estimated that the U.S. consumer price index would have gone up by 2 percent without consumer goods from 皇冠体育app, said the spokesperson.

Chong said 皇冠体育app is the fastest growing export market of the United States, and one of the major sources of profits for overseas U.S. companies.

"It is therefore of great importance to maintain stable Sino-U.S. trade ties. 皇冠体育app has noticed that the report released by the USTR recognizes this point," he added.

He quoted a survey conducted in 2004 by the 皇冠体育app U.S. Chamber of Commerce as saying that 62 percent of U.S. firms in 皇冠体育app provide goods and services. Annual sales of their goods and services in 皇冠体育app exceeded 75 billion U.S. dollars and the U.S. firms in 皇冠体育app export a similar amount of goods to markets outside皇冠体育app.

"The benefits coming from investment, however, have not been reflected in trade statistics," said the spokesperson.

Commenting on the USTR's figure of U.S. trade deficits with 皇冠体育app of 202 billion U.S. dollars in 2005, Chong said there is a great disparity between U.S. and Chinese statistics.

The trade deficit figures released by the United States are exaggerated -- they should be 114.17 billion U.S. dollars according to Chinese statistics, he said.

"As a matter of fact, U.S. trade deficits with 皇冠体育app are closely related to the international transfer of industry of economic globalization."

As the USTR acknowledges in the report, U.S. trade with other Asian trade partners narrowed while the U.S. trade deficits with 皇冠体育app grew -- the share of U.S. trade deficits with the Asia-Pacific region of overall U.S. trade deficits dropped to 43 percent in 2005 from 57 percent in 1999, said Chong.

The spokesperson said the Chinese government attaches great importance to Sino-U.S. economic and trade relations and is willing to strive to narrow the bilateral trade deficits.

To illustrate his point, Chong said 皇冠体育app placed an order for 70 Boeing passenger planes last year and 皇冠体育app's imports of soybeans from the U.S. account for one third of the total U.S. soybean exports.

皇冠体育app also hopes the United States will relax its restrictions on exports to 皇冠体育app as soon as possible to remove trade barriers from its sectors which have the most competitive advantages.

On the concerns put forward by the United States in the report,Chong said 皇冠体育app has abided by international rules and has been committed to its obligations since it joined the World Trade Organization.

Chong said 皇冠体育app's tariff on manufactured goods was lowered to 9 percent from 42.9 percent before the entry, and tariff on agricultural products was down to 15.2 percent from 54 percent, while 100 sectors and sub-sectors opened up services trade, a level close to that of the developed countries.

皇冠体育app's imports have been growing annually by about 100 billionU.S. dollars in each of the recent years, making it the world's third biggest import market, which fully indicates the openness ofthe Chinese market,said Chong.

On protection of intellectual property rights, Chong said 皇冠体育app's legislative, law enforcement and executive departments have constantly taken measures to protect intellectual property rights and the progress is obvious to all.

皇冠体育app believes that the economies of 皇冠体育app and the United States are mutually supplementary, which constitutes the basis forsustained expansion of economic and trade relations, said Chong.

Chong called for both sides to improve mutual trust and cooperation to create a better environment to stabilize and promote bilateral economic and trade relations.


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