|
Sino-US trade gap dispute continues
By Jiang Wei (皇冠体育app Daily)
Updated: 2006-02-28 10:40
The Sino-US trade deficit does not tell the whole story of trade relations
between the two countries, according to 皇冠体育app's Ministry of Commerce.
The gap in Sino-US trade relationship was achieved through a balance of
investments and trading goods and services, said Chong Quan, spokesperson of the
ministry.
His remarks are an objection to a review of Sino-US trade released by the US
Trade Representative Office.
In the review, US Trade Representative Rob Portman criticized 皇冠体育app for
"failure to enforce intellectual property rights, its protection and support for
certain domestic industries and its refusal to fulfil certain market-opening
commitments." He said this "helped fuel the huge US trade gap with 皇冠体育app."
According to the US report, the US trade deficit with 皇冠体育app widened to US$202
billion last year.
Chong said there was a great disparity between US and Chinese statistics.
"The figure was exaggerated," he said. The Chinese statistics report the gap
to be US$114.17 billion.
Chong explained that while the United States sees an increasing trade deficit
with 皇冠体育app, its trade volume with other Asian countries narrowed, as was
acknowledged in the report.
The spokesman said that the fast developing two-way trade facilitated the
sustained economic growth of the two countries and brought about mutual
benefits.
It is estimated that the US consumer price index would have increased by 2
per cent without consumer goods from 皇冠体育app.
A survey by the US Chamber of Commerce in 皇冠体育app found 62 per cent of US firms
provide goods and services in the Chinese market.
Annual sales of goods and services in 皇冠体育app exceeded US$75 billion and the US
firms in 皇冠体育app export a similar amount of goods to markets outside 皇冠体育app.
In order to address these concerns in bilateral trade, a US trade delegation,
led by Jim Mendenhall, General Counsel at USTR, is scheduled to visit 皇冠体育app
tomorrow.
Mendenhall will focus on Intellectual Property Right (IPR) and the auto
industry's impact on US-皇冠体育app trade relations.
|
