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The Ministry of Commerce responds to the expansion of Sino-US trade surplus: tariffs cannot solve the problem

  • Categories:Industry News
  • Author:Economic Information
  • Origin:
  • Time of issue:2020-09-15
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The Ministry of Commerce responds to the expansion of Sino-US trade surplus: tariffs cannot solve the problem

  • Categories:Industry News
  • Author:Economic Information
  • Origin:
  • Time of issue:2020-09-15
  • Views:

Xinhua News Agency, Beijing, September 13 (Reporter Yu Jiaxin)   In response to the latest increase in the Sino-US trade surplus, Gao Feng, the spokesperson of the Ministry of Commerce, said on the 13th that the expansion or contraction of the surplus or deficit is determined by the market. The U.S. should realize that unilateral measures to impose tariffs cannot solve the problem.

According to data released by the General Administration of Customs a few days ago, in the first eight months, my country’s exports to the United States were 1.96 trillion yuan, an increase of 6.5%; imports from the United States were 714.13 billion yuan, an increase of 4.4%; the trade surplus with the United States was 1.24 trillion yuan, an increase of 7.7%. .

Regarding the expansion of the Sino-US trade surplus, Gao Feng emphasized that the US trade deficit is related to the low US savings rate, the status of the US dollar as a reserve currency, and the US's export controls to China. At the same time, the expansion or contraction of the surplus or deficit is also determined by the market.

He analyzed that in the first eight months of this year, China’s exports to the U.S. grew rapidly, mainly due to factors such as increased demand in the U.S. domestic market. Of course, there may also be some Chinese companies rushing to export ahead of time because of concerns about U.S. tariff policies. factor.

Gao Feng said that the United States should realize that unilateral measures to impose tariffs cannot solve the problem. China and the United States should take pragmatic measures, meet each other halfway, and work together to promote the healthy and stable development of bilateral trade.

The bilateral trade volume between China and the United States in the first eight months of this year reached 2.67 trillion yuan, a year-on-year increase of 5.9%. The growth rate was 0.7 percentage points higher than the previous seven months, but less than one-third of the same period last year. Gao Feng said that the US provoked trade frictions will inevitably have a negative impact on Sino-US trade. We do not want to see that the good momentum of development of Sino-US bilateral trade is weakened by the unilateral protectionist measures of the United States.

Gao Feng said that at present, the world economy continues to recover, and the Chinese economy is moving towards high-quality development. On the whole, although external uncertainties and unstable factors have increased, the fundamentals of my country's foreign trade development have not changed, and the endogenous power created through innovation is still increasing. We are confident to continue to promote the steady and healthy development of China's foreign trade.

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