伯恩的背影:US must ease restrictions on exports to China...

US must ease restrictions on exports to China
(People's Daily Overseas Edition)
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Edited and Translated by People's Daily Online
Beijing, Nov.8 (People's Daily Online) --One prevailing view in the media is that the monetary act approved recently by the U.S. Senate is aimed solely at China, but Chinese Minister of Commerce Chen Deming does not agree with this viewpoint.
Chen said that the monetary act is aimed at all countries holding the U.S. dollar. He hopes the monetary act will not be signed into law. If it does, the United States will set a poor precedent of violating international treaties and obligations.
"I do not hope trade frictions or even a trade war will occur, because it will be harmful to both China and the United States and will damage the interests of the enterprises and people of the two countries directly," Chen said.
Chen said that if China's overall foreign trade is balanced but there is a relatively severe imbalance with some large country, it does not mean there is something wrong with the exchange rate.
Chen gave his analysis of the source and structure of China's trade surplus with the United States. In 2010, China's trade surplus from the United States almost accounted for China's whole trade surplus.
Some 75 percent of the trade surplus with the United States came from foreign-invested companies, while China's state-owned enterprises had zero trade surplus. Therefore, it is completely groundless to claim that China helps its state-owned enterprises to create a trade surplus.  U.S. enterprises gain fat profits in China and other countries and then use these profits to support their parent companies, helping them to cope with the crisis and overcome difficulties. And meanwhile it also means high-quality and inexpensive products for consumers in the difficult period of financial crisis.
Another major cause behind China’s trade surplus with the United States is trade restrictions introduced by the United States. At a time when China is actively moving to boost imports — particularly imports from the United States — the United States has unfortunately reformed its trade system and divided countries into different categories, placing China among the countries facing the strictest trade restrictions.
More than 2,000 types of goods imported by China from the United States that have civilian and military uses are subject to strict inspections and examinations. According to the statistics from the U.S. Department of Commerce, increased U.S. exports to China created 500,000 job opportunities for the United States in 2010. If the exports restrictions are eased, it will directly benefit the implementation of U.S. President Barack Obama's employment program.
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