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 (3108)	4/23/2004 12:58:35 AM
From: RealMuLan	Read Replies (1) of 6370

UPDATE 1-China seeks 'balanced trade' with US - Wu Wed Apr 21, 2004 07:07 PM ET (Adds more details, paragraphs 6-12) WASHINGTON, April 21 (Reuters) - Chinese Vice Premier Wu Yi said on Wednesday that China would strive to bring its huge trade surplus with the United States more into balance. "We are willing to do our utmost to seek for a balanced trade during the course of development," Wu told reporters at the conclusion of a meeting with U.S. trade officials. Last year, the United States ran a record $124 billion trade deficit with China, according to U.S. figures. The AFL-CIO, the largest U.S. labor organization, wants the Bush administration to begin an investigation that could lead to sanctions on imports from China because of suspected unfair labor practices. The Bush administration must decide by April 30 whether to accept the labor group's petition. Wu said the petition filed by the AFL-CIO was "completely groundless" and said she would invite U.S. labor leaders to China so they could see working conditions for themselves. Wu also said the U.S. deficit with China was $59 billion in 2003, according to China's trade statistics. The United States and China have agreed to set up a working group to examine the difference in the two countries' statistics, she said. U.S. Commerce Secretary Don Evans said the two countries had reached an agreement that would lead to the loosening of U.S. restrictions on some high-technology exports to China. The agreement would allow the United States to conduct "end-user visits" to ensure that technology with potential military application was being used for civilian purposes. Evans said those visits should begin in the coming months. The visits would allow the United States to begin taking Chinese companies "off the restricted list." Chinese officials have pushed the United States to ease its export controls as a way of helping bring bilateral trade into balance. © Reuters 2004. All Rights Reserved. reuters.com

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