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Textile trade surplus may be a fraud

31
Jan '07
On January 18, Vice Minister of Commerce Gao Hucheng said at the signing ceremony, “China's strong trade surplus will continue until the middle of this century.”

Later, Li Deshui, director of National Statistics Bureau said, “China's trade surplus is not as large as it is reflected. Exchange speculation and Rebate fraud by some enterprises caused distortion in China's foreign trade surplus.”

In 2006, China's foreign trade surplus was nearly US $177.5 billion, an incredible growth of 74 percent over 2005.

Li Deshui cited the data by Wang Zhi Hao, a senior foreign analyst from the Standard Chartered Bank of UK, China's trade surplus in 2005 was less than $102 billion as publicly released. The actual trade surplus was $35 billion, and Wang called the remaining $67 billion as 'non-trade inflow hidden in foreign trade', which accounted for 65 percent of the total trade surplus.

"It is hard to give an exact figure as how large the final real figure of China's trade surplus is.” Wang started to study real data of trade surplus a few years ago.

One phenomenon caught his attention that according to Chinese Customs statistics “there are a large amount of exported goods registered. However, the statistics of the eight countries trading with China indicate that these countries have not received the goods with such high volumes.” This shows China's exporters may have presented false export reports to the Customs. The purpose of doing so is to help increase the export tax rebate and the return of foreign capital to enter China under the name of trade payments.


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