Best Growth Stock – China’s trade surplus, which is often the subject of friction with its economic partners, declined in 2011 to “about 160,000 million dollars,” he said Thursday the Minister of Commerce Chen Deming, quoted by Xinhua.
In 2010, the trade surplus of the second world economy, heavily dependent on exports to sustain growth, rose to 183,100 million dollars.
The Chinese foreign trade volume last year grew 20% to reach $ 3.6 trillion, said the minister, as saying.
Monthly statistics of foreign trade in China, are usually published on the 10th of each month.
The Ministry of Commerce said Wednesday that China’s foreign trade will grow by around 10% a year to reach $ 4.8 trillion in 2015.
This statement of Chen occurs before its visit to Beijing on Tuesday, U.S. Treasury secretary, Timothy Geithner, who is scheduled to meet with Prime Minister Wen Jiabao and Vice President Xi Jinping, a likely future issue of the regime.
China’s trade surplus is often the subject of friction with economic partners, particularly the U.S., which has an abysmal deficit with the Asian giant in trade.
According to Washington, this imbalance is partly due to the undervaluation of the yuan, China’s currency, which provides a competitive advantage to Chinese products in the U.S. market.
But in its latest semiannual report, the U.S. Treasury fails to confirm that China manipulates its currency, which would have paved the way for trade sanctions against Beijing.
The Chinese government has committed again last week to loosen the yuan, which on Wednesday was quoted at 6.2946 per dollar, the highest since 1993, according to People’s Daily.
Under the 12-year plan running from 2011 to 2015, China aims to boost domestic demand to reduce economic dependence on exports.
These are being affected by difficulties in the developed world and the debt crisis in Europe, the largest market for Chinese products.
Category: Business News