China Warehouse- More Than Crockery Message Board

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Strategies & Market Trends : China Warehouse- More Than Crockery

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To: RealMuLan who wrote (1168)	10/29/2003 7:48:42 PM
From: RealMuLan	Read Replies (1) of 6370

China vows to narrow trade gap with US Published: 30 October 2003 China has given assurances it will try to narrow its swelling trade surplus with the US, US Commerce Secretary Don Evans said yesterday after renewing his call to Beijing for a "level playing field". "We got a strong commitment from the premier (Wen Jiabao) that we are going to work very hard on closing the trade deficit gap between the US and China," Evans told a news briefing in Beijing. In the middle of an eight-day trip to China, Evans repeated his message that China must speed up market-opening reforms as a way of trimming a bilateral trade deficit that was $103 billion last year and is on track to top that this year. His talks with Wen and other economic and trade officials had focused on protecting intellectual property rights in a country more than 90 per cent of software, CDs and DVDs are counterfeit, according to estimates by industry groups. A Chinese business group said yesterday China would send a trade delegation to buy US goods later this year. "Very shortly a Chinese government purchasing delegation will be going to the US to buy US products," said Wan Jifei, head of the China Chamber for International Commerce, told reporters. US manufacturers have accused China of pumping up the trade deficit by keeping its yuan currency unfairly low, leading to job losses in US factories. Chinese officials point out that a key driver for booming exports to the US is US firms who have invested in Chinese factories to serve their customers back home. But Wan said the deficit could be narrowed if the US dropped a ban on the export to China of high-tech goods in the aviation, space, telecommunications and chemical sectors. gulf-daily-news.com

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