Chen Deming bemoans China-bashing

Nov. 5, 2011 at 10:21 AM
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BEIJING, Nov. 5 (UPI) -- Chinese Minister of Commerce Chen Deming said China is doing its part to transform its economy in ways that balance the global economy.

In an article published in The Daily Telegraph, Chen wrote, "China has steered its macroeconomic policies so as to expand domestic demand, stimulate imports, while stabilizing exports and promote balance global trade."

In recent years, President Barack Obama and other world leaders have sought to pressure China to allow its currency to fluctuate on the open market and increase opportunities for foreign business.

Chen said China has "phased out import licensing requirements for more than 800 tariff lines, and abolished customs duties on goods from 95 percent of the world's least-developed countries."

"At a time when the financial crisis was sweeping the world, our government also organized more than 30 large trade missions to buy from abroad," he said.

"As China implements a more proactive strategy to open up its economy, our imports will exceed $1.7 trillion this year, and amount to roughly $10 trillion over the next five years, on a par with our exports," he wrote.

He then complained that "particular countries are disregarding China's efforts."

Rather than appreciate China's transformation, Chen said, others used China as a political football, "using protectionist trade and currency arrangements to bash China for political reasons," he said.

Xinhua reported Saturday Chen supplied numbers to back up his claims. "According to Chen," Xinhua said, China's imports grew 23.3 percent from 2008 to 2010 and its trade surplus, at nearly $300 billion in 2008, was down to $107.1 billion for the first three months of 2011, although that figure does not include the entire year.

China's trade surplus as a percentage of China's gross domestic product shrank from 6.5 percent in 2008 to 2.2 percent, Xinhua said.

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