Wen to EU: Shun yuan 'chorus'
Source: Xinhua |
October 7, 2010, Thursday
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Print Edition
Print Edition
CHINESE Premier Wen Jiabao yesterday urged European political and business leaders not to join the "chorus" on pressuring China on the exchange rate of the yuan.
China's trade surplus against the United States was due to the specific structures of the two economies instead of the exchange rate of the Chinese currency, Wen said in a speech at the Sixth China-EU Business Summit in Brussels.
European leaders should turn to the US dollar for an explanation of the fluctuations in the exchange rate of the euro, he said.
The world will by no means benefit from an appreciation of the yuan by 20 percent to 40 percent - as the US has demanded - because it will damage the Chinese economy, and the Chinese economy contributed about 50 percent of the global economic growth last year, he added.
Wen also emphasized the sustainable development of rare earth mining.
China, which has a considerable percentage of the world's rare earth reserves and products, seeks a sustainable way of exploiting the minerals, Wen said.
"If the rare earth minerals were used up, how would the world and China deal with the problem?" he said.
Wen and Germany's chancellor, Angela Merkel, agreed on Tuesday on the need for stronger European-Chinese economic ties, to fight trade and investment protectionism and for efforts to achieve progress in global climate talks.
Merkel welcomed Wen to a dinner meeting at German government guest house in Meseberg, north of Berlin, which followed a Europe-Asia summit in Brussels.
Wen left Greece on Monday for Belgium, the second leg of his four-nation tour, which will last until Saturday.
The trip will also take Wen to Italy and Turkey.
China's trade surplus against the United States was due to the specific structures of the two economies instead of the exchange rate of the Chinese currency, Wen said in a speech at the Sixth China-EU Business Summit in Brussels.
European leaders should turn to the US dollar for an explanation of the fluctuations in the exchange rate of the euro, he said.
The world will by no means benefit from an appreciation of the yuan by 20 percent to 40 percent - as the US has demanded - because it will damage the Chinese economy, and the Chinese economy contributed about 50 percent of the global economic growth last year, he added.
Wen also emphasized the sustainable development of rare earth mining.
China, which has a considerable percentage of the world's rare earth reserves and products, seeks a sustainable way of exploiting the minerals, Wen said.
"If the rare earth minerals were used up, how would the world and China deal with the problem?" he said.
Wen and Germany's chancellor, Angela Merkel, agreed on Tuesday on the need for stronger European-Chinese economic ties, to fight trade and investment protectionism and for efforts to achieve progress in global climate talks.
Merkel welcomed Wen to a dinner meeting at German government guest house in Meseberg, north of Berlin, which followed a Europe-Asia summit in Brussels.
Wen left Greece on Monday for Belgium, the second leg of his four-nation tour, which will last until Saturday.
The trip will also take Wen to Italy and Turkey.
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