Chinese Lesson - Great trade surplus figure might be deceiving

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Great trade surplus figure might be deceiving

www.chinanews.cn 2006-07-13 16:05:09

Chinanews, Beijing, July 13 �C The latest information published by the
authorities showed that during the first half of this year, China's trade
surplus surged up to 61.44 billion US dollars. It is expected that the
trade surplus for the whole year might be even more than last year's
record high of 101.2 billion US dollars. However, analysts cautioned that
China's huge trade surplus figure might not reflect the real situation.
Zhang Yansheng, head of the Institute of Macroeconomic Research under the
State Development and Reform Commission said that this incredibly high
trade surplus figure might include some speculative investments boosted
by the RMB appreciation expectation. ��China's trade surplus figure might
include some huge capital inflow into China under the name of trade,�� he
said.
Senior economist from the Standard Chartered Bank Wang Zhihao said that
due to fake declaration of the goods value, and transferred pricing,
China's real trade surplus figure might be 35 billion US dollars for the
past six months. That is to say, about 67 billion US dollars of the fund
that does not belong to trade category are included in this trade surplus
figure.
Earlier, Minister of Commerce Bo Xilai said that in 2005, 58% of the
Chinese export volume was actually created by foreign-funded enterprises.
Of the 101.2 billion US dollars of trade surplus, 50.7% came from foreign
enterprises. He indicated that China's ever-increasing trade surplus was
actually caused by a global industrial shift, in which goods were
manufactured in Asia and consumed in Europe and the North America region.
In the first half of this year, China's processing trade volume reached
374.83 billion US dollars, up 22.6% from last year, and accounting for
nearly half of the total trade volume in the same period.
Zhang pointed out that the growing demand outside China had also pushed
up China's trade volume. In addition, due to the rapid-growing production
capacity in recent years, it is only natural that many domestic
enterprises should try to sell their goods in overseas market, he said.

          ��Huge trade surplus exposed imbalance of domestic economy
          ��China cannot reduce trade surplus on its own
          ��Trade surplus predicted to fall this year
          ��Zhou: China taking steps to reduce surplus
          ��China pursues trade balance instead of surplus
          ��China trade surplus to exceed US$100 bln
          ��China mulls cutting big surplus in trade
          ��China trade surplus hits US$80.37b in 10 months
          ��China trade surplus may widen to $90 bln

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