Chinese Mandarin - Bo: We are working to balance trade

CHINA / National

Bo: We are working to balance trade

(China Daily/Agencies)
Updated: 2006-11-14 06:47

Minister of Commerce Bo Xilai told visiting US Secretary of Commerce
Carlos Gutierrez Monday that China is working hard to balance trade with
the United States and "is not in pursuit of a huge trade surplus."

Minister of Commerce Bo Xilai meets visiting US Commerce Secretary Carlos
Gutierrez in Beijing Monday. [newsphoto]

Bo also pledged to strengthen protection of intellectual property rights.

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Gutierrez's visit comes amid growing US concern about its trade deficit
with China, which grew to US$102.2 billion in the first nine months of
this year.

China has a large foreign exchange reserve and it is not in its interests
to have too high a trade surplus with the United States, Bo said.

He noted that US exports to China are increasing rapidly, especially
agricultural products, and China is expected to become the third largest
export market of the United States next year.

In some areas, such as service and cultural industries, the United States
has obvious advantages over China and enjoys a trade surplus. The
branches or joint ventures of US companies in China have also contributed
to the deficit and benefited from it, Bo said.

Bo said he hoped the US side would ease restrictions on high-tech exports
to China, a common concern of companies from both sides. He also hoped
the US side would make substantial efforts with regard to the recognition
of the market economy status of China.

Gutierrez said he wanted to accelerate US export growth to China as a way
to narrow the trade imbalance between the two countries.

"The future should be focused on exporting to China as a way of improving
our balance," Gutierrez told reporters after the meeting in Beijing,
where he was starting his fourth trip to China as the top US commerce
official.

Gutierrez, accompanied by over two dozen US executives hoping to expand
business in China, sought to highlight US export growth as the best way
to balance trade.

"We judge by results, by the numbers we see, and I can tell you this year
our exports to China are up on a year to date basis 34 per cent, and that
is up over last year, which was up 20 per cent," he said.

In the nine months to the end of September, US exports to China totalled
US$40.2 billion, making China the United States' fourth largest export
market.

On IPR, Bo said strengthening IPR protection was in China's interests,
and the two sides had co-operated well. China hopes to have more
information exchanges with the US side in this field.

Bo said 50 centres had been established across China with national
financial support to receive information about IPR infringements. The
courts were also accepting and handling more cases.

Gutierrez will stay in Beijing for two days before leaving for Shanghai
tomorrow.

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