China likely to maintain import, export balance this year
(Xinhua)
Updated: 2004-06-17 10:08

Analysts said China is quite likely to maintain a balance between import and export this year, as the country scored a trade surplus in May.

Statistics released by the General Administration of Customs indicate that China imported 2.13 million tons of steel in May, down 30.2 percent year-on-year and the lowest monthly amount since 2003, and that iron ore import also decreased.

According to figures released by the customs, China's import of primary commodities totaled US$34.6 billion during the first four months of this year, up 61.8 percent year-on-year.

At the same time, the import of some raw materials also obviously shrank, partly causing a US$2.1-billion trade surplus in May after four consecutive months of trade deficit.

China's cumulative trade deficit was also reduced from US$10.76 billion in late April to 8.66 billion in late May, said the customs.

Experts viewed the surplus as a sign that China's macro control efforts have begun to pay off.

Experts say the surplus is thanks to the country's efforts to curb excessive investment in the steel and some other sectors.

The country has risen up to cool down overheating in excessive investment in steel and construction projects since late last year through administrative intervention, monetary and other measures.

Chinese Premier Wen Jiabao said earlier this month that the Chinese government's efforts to cool down overheating sectors have begun to pay off.

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