Economy

Nations with large trade deficit urged to ease export control

(Xinhua)
Updated: 2011-03-21 13:18

BEIJING - China's Minister of Commerce Chen Deming said in Beijing on Sunday that China hopes countries with large trade deficit with it could loose export control.

Addressing the 12th China Development Forum held in Beijing from March 19 to 21, Chen said that China is willing to improve the trade structure through negotiations with countries which have large deficit with it.

Chen said many Chinese enterprises are in need of advanced technology and equipment, resources and raw materials as they are transforming growth pattern. However, some countries are imposing restrictions on such exports to China.

Chen said China's foreign trade is steering toward a more balanced direction. Its trade surplus has dropped for two consecutive years. Last year's surplus accounted for only 3.1 percent of China's GDP.

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In the first two months of this year, China posted a trade deficit of 890 million U.S. dollars, according to China's General Administration of Customs (GAC).

Chen predicted that the proportion of surplus in GDP would further drop this year.

"China's imports have been a significant driving force for global economic growth and have contributed substantially to relieving the imbalances of global trade," he said.

Last year, China's imports from the United States, European Union and Japan climbed 32.6 percent, 30.2 percent and 36.6 percent respectively from 2009.

China has already been running deficits with ASEAN countries, Japan, the Republic of Korea, as well as African and South American countries.

According to the GAC, around 99 percent of China's trade surplus in 2010 came from the United States.

Chen said that China will continue to boost the imports from the least developed countries, major trade partners and major sources of its trade surplus.