China, U.S. need cooperation to solve trade imbalance: Chinese minister   2011-01-20 16:58:57 FeedbackPrintRSS

WASHINGTON, Jan. 19 (Xinhua) -- China is willing to work with the United States on the imbalance of bilateral trade through communication and cooperation, Chinese Commerce Minister Chen Deming said Wednesday.

Trade imbalance is indeed "an important issue that the two sides need to have a correct perception of," Chen told reporters during Chinese President Hu Jintao's ongoing state visit to the United States.

Responding to a question that linked the trade imbalance with China's currency RMB, Chen said the two issues are irrelevant.

"I have read a lot of comments by many U.S. think tanks and members of U.S. Congress. They believed there should be a major RMB appreciation because of the trade imbalance between the two nations," he said.

"According to Western economics theories, currency will have an impact on the overall export of a nation. But if it is just about trade surplus or deficit between two countries, then it is not a matter of currency. Rather, it is something about trade barriers, trade liberalization and trade facilitation, which both countries need to sit down and talk about," he said.

China's trade surplus totaled 183.1 billion U.S. dollars in 2010, of which 181.3 billion dollars was gained from the United States, meaning the imbalance has nothing to do with the currency, as China barely had a surplus with other trading partners, Chen said.

He listed three major reasons for the huge surplus.

First, part of that surplus comes from the trade surplus originally held by other countries and regions against the United States. This is a result of the globalization process.

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Editor: Deng Shasha
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