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Chinese Commerce Minister: Sino-American trade imbalance has nothing to do with RMB

01-21-2011 08:50 BJT Special Report:Chinese President Hu Jintao Visits US |

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China's Commerce Minister Chen Deming says his country is willing to work with the US to solve the imbalance in bilateral trade, by stressing more liberalization and facilitation. He made the remarks during President Hu Jintao's ongoing state visit to Washington.

Chen Deming stresses that the trade imbalance between China and the US has been caused by many factors, and says Beijing is willing to work with Washington to promote more liberalization and facilitation, in order to ease the current situation.

He adds that, in addition to airplane deals, China plans to buy nearly 25 billion US dollars worth of American products during President Hu's Jintao's visit.

Chinese Commerce Minister Chen Deming said, "China and the United States signing such a big trade agreement at the beginning of a new year truly testifies to the importance of Sino-American trade relations."

In response to a question linking the trade imbalance with China's currency, the RMB, Chen says the two issues are irrelevant.

The Commerce Minister mentioned that the nation's trade surplus totaled 183 billion US dollars in 2010, of which more than 181 billion dollars came from the United States.

He stresses that the figures mean the Sino-American trade imbalance has nothing to do with the currency, as China barely had a surplus with other trading partners.

Chen says, according to economics theories, currency will have an impact on a country's overall exports. But the Commerce Minister adds that, if it's just about trade surpluses or deficits between two sides, then it's not a matter of currency, but rather an issue related to trade barriers, trade liberalization, and trade facilitation.

He says Beijing is currently the third largest export market for Washington, but has been excluded from the Obama administration's list of countries and regions to which American export controls will be eased.

Chen says China hopes the US will change this policy, in order to ease the trade imbalance.

Editor:Zhang Ning |Source: CNTV.CN

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