Beijing: China has assured its trading partners
that it would strive to bring down its growing trade
surplus in 2007 to ensure the sustained development
of its economy and foreign trade.
at the fifth session of the tenth National People''s
Congress (NPC) currently underway in Beijing, Chinese
prime minister Wen Jiabao, told the assembled parliamentarians,
"We must optimise the mix of imports and exports,
change the pattern of China''s foreign trade growth and
strive to reduce our excessively large trade surplus."
which had recorded a 10.7-per cent growth in 2006, has
set a reduced target of 8 per cent GDP growth in 2007.
During 2006 the country''s exports grew by 33 per cent
to $86.62 billion.
a 1.2-percentage point decline in the growth of its
exports and a 2.4- percentage rise in imports, China
recorded a trade surplus in 2006 to $177.5 billion
a 74-per cent growth from the previous year''s record
of $101.9 billion.
January 2007, China''s monthly trade surplus rose to
$15.88 billion, a growth of 67.3 per cent from January
US and EU have been sharply critical of China''s rising
trade surpluses, saying the country keeps its currency
artificially low against the dollar to keep its exports
India, its 10th largest trading partner, China had a
trade surplus of $4.11 billion on a trade volume of
$25.05 in 2006, up from India''s $843 million surplus
in 2005, despite India having imposed the maximum number
of anti-dumping duties on Chinese goods.
acknowledges that its ballooning trade surplus is fraught
with dangers for its sustained economic growth.
minister Bo Xilai, a deputy at the NPC, had said last
month that "cutting the huge trade surplus"
was "the priority task for 2007" for his ministry.
warned that unless steps were taken to rectify the situation,
China''s trade surplus would expand to $300 billion and
could turn "an economic problem into a political
yawning surplus with the US and the EU has strained
China''s foreign trade environment, triggering more frequent
trade frictions," he said, while simultaneously
calling for a "rational and objective analysis"
of the factors responsible for the trade surplus.
said, "We need to consider more than one factor
when counting trade surplus. However, some countries
have limited understanding or have exaggerated one side
or another of the constitution of China''s trade surplus,
as a result, they can''t get a real trade picture in