Huge trade surplus to be reduced

时间：2007-01-17 06:27:50

（单词翻译:单击）

Jan,16 - China will encourage imports and restrict exports this year in a bid to balance trade and ease the concerns of trading partners.

 

"Cutting the huge trade surplus is the priority task for 2007," Commerce Minister Bo Xilai said yesterday.

 

He made the remarks as China's trade surplus widened to a record $177.5 billion in 2006, 74 percent higher than the $101.88 billion in 2005.

 

If it grows at the same rate this year, the trade surplus will mount to $300 billion, which is "likely to transform an economic problem into a political one".

 

"The yawning surplus with the United States and the European Union has strained China's foreign trade environment, triggering more frequent trade friction," he said.

 

Bo said an overly-large trade surplus is not good for China's sustained economic growth; therefore, the government will "decisively" reduce exports of high-energy-consuming and low-value-added products to restructure the sector1.

 

Last year, a package of industrial and taxation2 policies were implemented3 to rein4 in exports of energy-consuming products, in particular exports of processing trade, which contributed around half of the trade surplus but yielded slim profits.

 

To boost imports, the government will relax restrictions5 and announce taxation and financial incentives6.

 

"We will largely increase imports which have high demand in China," Bo said without giving details.

 

Experts in Beijing said the imports to be encouraged should include energy, resources and key technologies and equipment.

 

While trying to cut the surplus, governments will try to minimize the negative effects on trade, employment and the economy, Bo added.

 

For example, exporters previously7 banned from the processing trade are encouraged to switch to manufacturing for the domestic market.

 

Bo added, however, that the central government would continue to encourage exports from central and western China.

 

China's widening trade surplus has been cited as a reason to press Beijing to revalue its currency, People's Bank of China Governor Zhou Xiaochuan was quoted as saying at a meeting in Switzerland last week.

 

He added that China can further increase the flexibility8 of its exchange rate if trade surpluses continue to mount.

 

Cutting the structural9 trade surplus will take at least two years despite the government's determination, said economist10 Fan Gang.

 

He predicted that China's exports will continue to grow stronger than imports this year, which means the surplus is likely to increase but at a slower pace.

 
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1 sector yjczYn     
n.部门，部分；防御地段，防区；扇形
参考例句：
  • The export sector will aid the economic recovery. 出口产业将促进经济复苏。
  • The enemy have attacked the British sector.敌人已进攻英国防区。
2 taxation tqVwP     
n.征税，税收，税金
参考例句：
  • He made a number of simplifications in the taxation system.他在税制上作了一些简化。
  • The increase of taxation is an important fiscal policy.增税是一项重要的财政政策。
3 implemented a0211e5272f6fc75ac06e2d62558aff0     
v.实现( implement的过去式和过去分词 )；执行；贯彻；使生效
参考例句：
  • This agreement, if not implemented, is a mere scrap of paper. 这个协定如不执行只不过是一纸空文。 来自《现代汉英综合大词典》
  • The economy is in danger of collapse unless far-reaching reforms are implemented. 如果不实施影响深远的改革，经济就面临崩溃的危险。 来自辞典例句
4 rein xVsxs     
n.疆绳，统治，支配；vt.以僵绳控制，统治
参考例句：
  • The horse answered to the slightest pull on the rein.只要缰绳轻轻一拉,马就作出反应。
  • He never drew rein for a moment till he reached the river.他一刻不停地一直跑到河边。
5 restrictions 81e12dac658cfd4c590486dd6f7523cf     
约束( restriction的名词复数 )； 管制； 制约因素； 带限制性的条件（或规则）
参考例句：
  • I found the restrictions irksome. 我对那些限制感到很烦。
  • a snaggle of restrictions 杂乱无章的种种限制
6 incentives 884481806a10ef3017726acf079e8fa7     
激励某人做某事的事物( incentive的名词复数 )； 刺激； 诱因； 动机
参考例句：
  • tax incentives to encourage savings 鼓励储蓄的税收措施
  • Furthermore, subsidies provide incentives only for investments in equipment. 更有甚者，提供津贴仅是为鼓励增添设备的投资。 来自英汉非文学 - 环境法 - 环境法
7 previously bkzzzC     
adv.以前，先前（地）
参考例句：
  • The bicycle tyre blew out at a previously damaged point.自行车胎在以前损坏过的地方又爆开了。
  • Let me digress for a moment and explain what had happened previously.让我岔开一会儿，解释原先发生了什么。
8 flexibility vjPxb     
n.柔韧性，弹性，（光的）折射性，灵活性
参考例句：
  • Her great strength lies in her flexibility.她的优势在于她灵活变通。
  • The flexibility of a man's muscles will lessen as he becomes old.人老了肌肉的柔韧性将降低。
9 structural itXw5     
adj.构造的，组织的，建筑（用）的
参考例句：
  • The storm caused no structural damage.风暴没有造成建筑结构方面的破坏。
  • The North American continent is made up of three great structural entities.北美大陆是由三个构造单元组成的。
10 economist AuhzVs     
n.经济学家，经济专家，节俭的人
参考例句：
  • He cast a professional economist's eyes on the problem.他以经济学行家的眼光审视这个问题。
  • He's an economist who thinks he knows all the answers.他是个经济学家，自以为什么都懂。

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