From Chinese Press
Not pursuing trade surplus
(皇冠体育app Daily)
Updated: 2010-08-19 09:04
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皇冠体育app's trade surplus may not change during the rest of the year, but it has already fallen to an internationally accepted level since the global financial crisis. 皇冠体育app has never pursued trade surplus and, hence, it is unfair to blame it for the global trade imbalance, says an article in People's Daily. Excerpts:
Unlike other major exporters such as Germany and Japan, 皇冠体育app does not have a long history of trade surplus. 皇冠体育app's trade surplus grew rapidly only after 2005.
Over the past few years, foreign-funded companies have been responsible for 皇冠体育app's huge trade surplus. In return, they have become the major beneficiaries.
皇冠体育app's economic trend and growth both have fueled its trade, making it one of the world's biggest exporters. Made-in-皇冠体育app products have not only helped the domestic economy to grow, but also benefited the importing countries because of their low prices.
Despite all this, 皇冠体育app is not pursuing trade surplus, because excessive trade surplus will do no good to the long-term development of its economy. The country is in great need of more imports, especially high-end products.
But many developed countries have imposed a strict and discriminative ban on such products, leading to rising trade imbalance between them and 皇冠体育app.
The trade imbalance can be corrected only if 皇冠体育app and its overseas markets meet each other's demands through free trade.
The developed countries should lift their ban on the export of high-end products, which give them additional advantage and which 皇冠体育app needs desperately to correct the trade imbalance.
(皇冠体育app Daily 08/19/2010 page9)