The US House of Representatives recently passed the "Currency Reform for Fair Trade Act". Reacting to the same, spokesman of the China Ministry of Commerce, Yao Jian pointed out that, it is inconsistent with relevant WTO rules to conduct countervailing investigation on grounds of exchange rate.
Yao stressed that Sino-US economic and trade cooperation is mutually beneficial for both the countries. China has been the fastest growing market for US exports. US exports to China increased 36.24 percent from January to July this year, 14.4 percent higher than the growth rate of US imports from China and also 13.6 percent higher than the growth rate of overall US exports.
He says that China is willing to work with the United States, takes measures to continuously promote Sino-US trade in a more balanced direction. He hopes that all concerned in the United States make an objective and comprehensive assessment of the facts, make right choice favorable towards long-term development of Sino-US economic and trade cooperation, conducive to the interests of the United States itself.
Yao pointed out that China has never favoured the way of gaining competitive advantage through undervalued currency. The status of Sino-US trade has been decided by trade and investment structure between the two countries and it is the result of global division and structural adjustment under the context of economic globalization.
China has trade surplus with the United States, but China also has huge deficit in trade with many Asian countries and regions and it cannot be inferred that, China undervalues its currency just because the United States has trade deficit with China and attempts to adopt trade protectionist measures on the grounds.
He stressed that the problem in Sino-US trade balance cannot be solved through unilateral negative limitation and that the United States should take positive measures by lifting its export restrictions, in order to enable more marketable products to be exported to China.
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