China tips $100bn trade surplus
China predicts its trade surplus could triple to $100 billion this year, lifted by a 30 percent jump in exports, state media reported Friday.
China's Commerce Ministry warned that the surge could create new trade tensions, put additional pressure on China to revalue its currency and cause financial risks, the official China Daily newspaper reported. The U.S. trade deficit with China, which reached $162 billion last year, an all-time high with any country, has been a persistent source of irritation between the two trading powers.
Central bank governor Zhou Xiaochuan was quoted as saying that China needed to do more to boost domestic consumption as a way to shrink the trade gap. China's trade surplus from January to August reached $60 billion, already far exceeding the $32 billion recorded for all of 2004.
China's Commerce Ministry warned that the surge could create new trade tensions, put additional pressure on China to revalue its currency and cause financial risks, the official China Daily newspaper reported. The U.S. trade deficit with China, which reached $162 billion last year, an all-time high with any country, has been a persistent source of irritation between the two trading powers.
Central bank governor Zhou Xiaochuan was quoted as saying that China needed to do more to boost domestic consumption as a way to shrink the trade gap. China's trade surplus from January to August reached $60 billion, already far exceeding the $32 billion recorded for all of 2004.
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