*NEWS*CHINA TRADE SURPLUS HITS RECORD

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*NEWS*CHINA TRADE SURPLUS HITS RECORD

 user 2006-10-24 at 4:16:00 pm Views: 64
  • #16690

    China’s trade surplus hits record
    With
    three months of 2006 left, China’s trade surplus for the year has
    already hit $110bn (£59bn), breaking the record set in 2005, official
    data has shown.The gap between what China exports to and imports from
    the rest of the world narrowed to $15.3bn in September from August’s
    monthly record of $18.8bn.Some of China’s trading partners, especially
    the US, have argued China keeps the yuan low to boost exports.Last
    week, the European Union imposed new tariffs on shoe imports from China.

    Domestic consumption
    “The
    smaller trade surplus might be a relief for the authorities,” said Xiao
    Minjie, an economist at Daiwa Institute of Research in Shanghai.”I
    think the trade surplus is likely to narrow to around $10bn next
    month.”But the upward pressure on the yuan will persist.”China wants to
    redirect some of its strong export growth towards greater domestic
    consumption in order to make its economy more balanced.The September
    figures showed exports were up 31% and imports 22% higher from the same
    month in 2005.The trade imbalance has seen the country’s foreign
    reserves rocket to $1 trillion.This has helped to create an investment
    boom which the government is trying to dampen down in order to prevent
    the economy growing too fast.China’s economy is currently expected to
    grow by more than 10% this year