Chinese Minister of Commerce, Chen Deming said recently that the separate restrictions imposed on its exports by the US administration since 2007 are unfair. The move has not only exacerbated trade frictions, but has also turned in to a disadvantage to US exporters and manufacturers and is also creating obstacles to the goal set by the US to raise employment rate and restore the economy as soon as possible.
Chen Deming referred to the State of the Union Address of Barrack Obama in which he spoke about doubling the export revenue of the US in the next five years and become the world's largest trading exporter. Deming argued by saying that, China-US trade will be difficult to balance, if the US continues to implement separate export restrictions against China, the world's largest emerging country.
Chen Deming termed the current controls implemented specifically over China's exports by the US as very strict. He said, “from 1949 to 1994, the US launched and organized 'COCOM' (Coordinating Committee for Multilateral Export Controls) Agreement", and later imposed trade restrictions against 19 countries, including China, by using new treaties. In 2007, the US added more separate restrictions on China.
Chen Deming also clarified a few misconceptions on China's trade surplus. He pointed out that although China is a country with relatively large trade surplus, the trade surplus accounted for a very small proportion in the world compared to total foreign trade of China totaling to over US $2500 billion in the year. The trade surplus of China in 2008 reached $290 billion, of which 73 percent of the surplus was in trade with the US, while it has deficits with more than 50 countries.
Fibre2fashion News Desk - China