BIZCHINA / Top Biz News
Sino-US trade balanced, mutually beneficial
By Dong Zhixin (chinadaily.com.cn)
Updated: 2007-03-12 11:33
The trade between China and the United States is basically balanced and
mutually beneficial, with the surplus going to the Chinese and the
profits flowing to the Americans, said Commerce Minister Bo Xilai Monday.
The total sales of US-funded enterprises in China and their exports,
using China as a base, to other parts of the world stood at US$110
billion, said Bo on the sidelines of the annual session of China's
parliament.
Combining this figure with America's surplus in service trade and deficit
in goods trade, one can find that the trade between the two countries is
balanced, noted the minister.
He pointed out that the bilateral trade is mutually beneficial, with the
surplus going to the world's fastest growing major economy and the
profits flowing to the world's most powerful nation.
"Only because of mutual benefit could the Sino-US trade be going
smoothly, expanding all the way and doing better and better," said Bo.
"If the US business circle found that it's not profitable to do business
with China, they would not continue," the minister said.
Bo reiterated the country's opposition to a 27.5 punitive tariff proposed
by some US lawmakers on all Chinese exports.
"If the proposal goes forward, it will be destructive to the current
bilateral trade which is developing healthily, as well as disastrous news
to both countries' enterprises that have achieved double-win in the
relationship," said he.
The minister believed the slap of the tariff, if passed, is out of line
with WTO rules.
"If such a policy is enforced, it is not only trade protectionism, but
also trade hegemony," noted Bo.
On the increasing trade friction between China and major trading
partners, especially the US and EU, Bo said he hoped that most of the
problems could be solved through talks. But China will also respect the
related parties' choice to turn to the WTO mechanism.
(For more biz stories, please visit Industry Updates)
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