How America can narrow the trade gap
Print Edition
CHINA yesterday called on the United States to loosen its grip on exports of high-tech products in a bid to narrow the trade gap between the two countries.
The US “boasts many advantageous industries but is self-restricted in terms of exports to China. Fewer exports resulted in the big trade deficit,” said Vice Minister of Commerce Wang Shouwen.
Wang urged joint efforts to achieve more balanced trade. “It is unacceptable to ask China alone to cut the deficit by US$100 billion as the trade gap is determined by market forces and the overall economic policies and structure of the United States.”
China hopes the US can actively respond to China’s efforts to expand imports, Wang said, inviting American businesses to attend the first China International Import Expo in November and show their products.
Customs data showed China’s surplus with the US stood at 1.87 trillion yuan (US$300 billion) last year. Wang said the trade gap is mainly attributed to the US itself, which has a low savings ratio and the use of the US dollar as the global payment currency.
“Robust consumption leads to a deficit in global trade and the US sees a trade deficit with not only China but many other countries ... and it has to maintain the big deficit to ensure the global position of the US dollar.
“We are glad to see US President Donald Trump has eased restrictions on exports of energy products, crude oil and liquefied natural gas to China after taking office,” Wang added, pointing out that such measures will help to tackle the trade imbalance.
The trade gap is not as big as the US claims, he said. “Taking into account transit trade and service trade, the real gap is only a third of the figure released by the US government.”
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