CHINA / National
Wen: China strives to maintain trade balance
(Xinhua)
Updated: 2006-09-12 19:38
HELSINKI -- Chinese Premier Wen Jiabao told European business leaders on
Tuesday that China worked hard to maintain a basic balance between
imports and exports and that it did not seek an excessive surplus.
In a speech entitled "Enhance Cooperation to Make Win-win Progress" at
the 2006 China-Europe business summit, Wen elaborated on China's policy
on resolving the trade imbalance with the European Union (EU).
Chinese Premier Wen Jiabao speaks during the start of the EU-China
Business Summit in Helsinki September 12, 2006. [Reuters]
EU statistics showed that the block ran a deficit of US$131.6 billion in
trade with China in 2005, said Wen, noting that a number of factors had
contributed to the deficit.
"Ninety-five percent of the deficit occurred in processing trade and 81
percent was caused by foreign companies' investments in China," he said.
Wen said that the global relocation of industries had led to a
significant change in the flow of international trade.
"In looking at China's surplus in its trade with the EU, to just apply
the current rule of origin does not give one the complete and real
picture of interests and balance in our trade," he added.
"China's policy is to maintain basic balance between import and export.
It does not seek excessive surplus," the Premier stressed.
At present, China's overall trade surplus only accounts for 4.6 percent
of its GDP, much lower than that of some European countries, such as
Germany, Norway, the Netherlands and Ireland.
"China will endeavor to increase its imports from the EU," Wen said.
In the meantime, Wen said China hoped the EU would relax its restrictions
on the export of high-tech and dual use products to China and make joint
efforts to bring about a balance in China-EU trade.
The 2006 China-Europe business summit was held here on Tuesday, with some
500 senior business leaders attending to discuss strategies for boosting
China-EU economic and technological cooperation.
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