NEW York City (echoes) - deficit of China may be shrinking, but the country exports still much more that it brings, according to the latest data on Friday.
The country has announced that its trade surplus fell to 22.9 billion in November – a 16% decrease during the surplus $ 27.2 billion in October, according to news agency Xinhua China State-controlled.
China exports soared 34.9% % in November, an increase of 17.3 billion compared with the previous month, general administration of China Customs said Friday.
But the imports from the country jumped 37.7% % 130.4 billion - a sign that can be taken slowly take efforts of Government to promote domestic consumption. To political pressure from the United States and other trading partners, the Chinese Government said trying to restrict its trade surplus.
Exports and imports totaled 283.7 billion last month - a new record high - compared with 273.1 billion in September, the GAC said in a statement on its Web site.
China is the largest exporter in the world, shipping much more goods purchased it in other countries. This is a particular sore spot for global competitors as United States suffers from snail-speed growth, while the Chinese economy is like in advance at a staggering pace.
The report comes one week in advance of a meeting of important trade between the superpowers two world: joint sino-américaines on trade and trade meets next week.
Monday 31 u.s. Senators sent a letter to County Wang Qishan, vice Prime Minister China, praying to solve business issues for the next meeting.
Senators say they want to discuss intellectual property, "discriminatory practices of innovation" and the obstacles to U.S. beef exports reaching solutions to advance an important visit of Chinese President Hu Jintao in January.
While the Committee has no specific competence on currency issues, senators have also been other legislators that China has need to allow its currency, the yuan, U.S. calls be floated more freely to the dollar.
"We urge China to demonstrate its commitment to the adoption of a rate of Exchange determined by the market by allowing its currency to appreciate validly before the visit of President Hu", said the letter.
The United States has accused China to maintain its currency, the yuan, undervalued by purchasing large foreign exchange reserves. RMB cheapest provides a benefit to exporters allowing them to lower than those of foreign competitors.
In September, the Parliament adopted a law allowing tariffs on Chinese products. In their letter earlier this week, 31 Senators said they could follow.
China and the other world leaders, replied, accusing the Federal Reserve of hypocrisy, say its recent policy of quantitative easing artificially devalues the dollar.
Data from China are one month in advance of the U.S. report on its trade balance, which the latter are due Friday morning. Economists are waiting that the trade deficit remained the same in October at $ 44 billion.
No comments:
Post a Comment