China October data shows US trade war no solution to imbalance: expert

Source:Global Times Published: 2018/11/8 15:48:39

China's import and export growth in October both vastly exceeded expectations, and China's trade surplus with the US further expanded, which an expert said shows the US-initiated trade war does not help solve the trade imbalance problem and does not help to ease tensions.

According to data from the General Administration of Customs on Thursday, China's exports in October denominated in dollars rose 15.6 percent year-on-year, exceeding an expected 11.7 percent growth forecast. September exports grew 14.5 percent year-on-year.

China's exports in October denominated in dollars rose 21.4 percent year-on-year, exceeding an expected 14.5 percent growth forecast. September exports grew 14.3 percent year-on-year, the data showed.

Bai Ming, a research fellow at the Chinese Academy of International Trade and Economic Cooperation, told the Global Times on Thursday that the central government had attached importance to stabilizing imports and exports, and related departments and local governments also provided supports.

Other reasons include importers and exporters rushed to make deals before tariffs rise caused by the trade war and the yuan's fall in October, Bai added.

According to the data, imports and exports to major markets such as the European Union, the US, ASEAN and Japan have all increased, and the growth rate of imports and exports along the Belt and Road initiative (BRI) countries is higher than the overall.

In the first 10 months, China's exports with the US increased 8.7 percent year-on-year, imports 3.7 percent and the trade surplus 11.5 percent.

"This further proved that US' trade war does not help solve the trade imbalance problem and does not help to ease tensions," Bai noted.

China's goal is not to deliberately pursue a trade surplus, but pursue a general trade balance. This can be seen in China's trading data with Japan, EU, and B&R countries, Bai added, after 5 years work on BRI cooperation, now the effects have been shown.



Posted in: ECONOMY,COMPANIES

blog comments powered by Disqus