The United States is the largest source of trade deficit in China

The United States is the largest source of trade deficit in China

July 27, the Chinese Ministry of Commerce spokesman at the regular press conference said that the United States is the largest supplier of trade deficit in China, 2006 to 2016, the two countries trade deficit increased 33.7 times.

The peak indicates that trade balance should include both trade in goods and trade in services. The United States is the largest source of trade deficit in China, in recent years the rapid growth of the deficit. From 2006 to 2016, Sino-US total trade in services increased by 3.3 times, while the deficit increased by 33.7 times. January to May this year, China’s trade deficit with the US trade reached 23 billion US dollars, an increase of 17%.

He pointed out that China is not deliberately pursuing a trade surplus and is willing to continue to take positive measures to expand imports from the United States. Hope that the United States can also go against each other, in the relaxation of export control and other aspects of China has taken substantial steps to reduce the US trade deficit to make efforts.

The summit said that China is willing to continue to take active measures to expand imports from the United States, but also hope that the United States in the relaxation of exports to China and other aspects of the substantive steps taken.

US Commerce Secretary Ross recently said that China’s exports to the United States increased by 200 percent over the past 15 years and the trade deficit in the United States in 2016 reached $ 309 billion, but this is not a product of free markets.

In this regard, the peak at the press conference held that day, China’s trade surplus with the United States goods in the final analysis by the economic structure of the two countries, industrial competitiveness and international division of labor decision, but also by the current trade statistics system, the US high-tech exports to China Control and other factors. At the same exchange rate level, the Chinese side is a surplus in labor-intensive products, while in the capital technology-intensive products, agricultural products is a deficit. This shows that the competitiveness of the industry, the surplus will be more.

“Between China and the United States, regardless of exports or imports, are the market decision, the two companies and consumers choose the results of their own,” said the peak.

Recently, China has taken a number of measures to solve the trade imbalance. Following the successful export of Chinese beef, China and the United States reached an agreement on the inspection and quarantine requirements of US rice during the first round of comprehensive economic dialogue, which means that US rice exports to China have completed the first step.

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