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Locke urges China import more from US
Source: Agencies |
May 19, 2010, Wednesday
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US Secretary of Commerce Gary Locke urged China today to buy more goods from the United States and stimulate domestic demand to bring bilateral trade into balance.
"Obviously the trade deficit needs to come down," Locke told Reuters in an interview ahead of a high-level US-China Dialogue on economic and foreign policy concerns early next week in Beijing.
To do do that, China should purchase "more exports from the United States to China and (encourage) more internal consumption within China so they're less reliant on exports."
The US trade deficit with China totaled US$226.8 billion in 2009, down more than US$40 billion from 2008 but still the largest the United States has with any country.
The huge imbalance has fueled accusations in the US Congress and manufacturing sector that China is manipulating its currency for an unfair trade advantage by keeping the price of its yuan artificially low against the dollar.
US officials have said those concerns will be on the agenda at the two-day US-China Strategic and Economic Dialogue meeting starting on Monday.
Locke leads a delegation of 24 US companies on a clean energy trade mission to China.
A primary purpose is to help meet President Barack Obama's goal of doubling overall US exports within five years.
Locke stopped short of setting an individual goal of doubling US exports to China, saying the Obama administration was still in the process of making those decisions.
But China's push to boost its use of renewable energy and to increase building efficiency offers big opportunities in areas where US companies have a lot to offer, he said.
"Obviously the trade deficit needs to come down," Locke told Reuters in an interview ahead of a high-level US-China Dialogue on economic and foreign policy concerns early next week in Beijing.
To do do that, China should purchase "more exports from the United States to China and (encourage) more internal consumption within China so they're less reliant on exports."
The US trade deficit with China totaled US$226.8 billion in 2009, down more than US$40 billion from 2008 but still the largest the United States has with any country.
The huge imbalance has fueled accusations in the US Congress and manufacturing sector that China is manipulating its currency for an unfair trade advantage by keeping the price of its yuan artificially low against the dollar.
US officials have said those concerns will be on the agenda at the two-day US-China Strategic and Economic Dialogue meeting starting on Monday.
Locke leads a delegation of 24 US companies on a clean energy trade mission to China.
A primary purpose is to help meet President Barack Obama's goal of doubling overall US exports within five years.
Locke stopped short of setting an individual goal of doubling US exports to China, saying the Obama administration was still in the process of making those decisions.
But China's push to boost its use of renewable energy and to increase building efficiency offers big opportunities in areas where US companies have a lot to offer, he said.
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