China's trade surplus falls to 1.44 pct of GDP in H1
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Xinhua, August 24, 2011
China's trade surplus fell to 1.44 percent of the country's gross domestic product (GDP) in the year's first half and the proportion is expected to drop further this year, the Ministry of Commerce said Wednesday.
China has seen its trade surplus-GDP ratio decline in the past few years, down from 6.7 percent in 2008 to 2.2 percent in the first half of 2010, ministry spokesman Shen Danyang told a press conference here.
To promote trade balance, China will continue to actively expand imports of advanced technologies, key components and resources that China lacks, Shen said.
The world's second largest economy, China reported a record trade surplus of 31.48 billion U.S. dollars in July, sharply higher from June's 22.27 billion U.S. dollars and the 28.7 million U.S. dollars in the same period a year ago.
Shen said the trade surplus surge in July was "accidental to some extent."
He attributed the growth to rapid rises in exports to developing countries and emerging markets such as Brazil and Russia as well as retreating prices of imported commodities.
Chinese authorities are concerned that huge trade surpluses will increase domestic liquidity, fuel inflation and add to pressure on the appreciation of the Chinese currency, the yuan.
The yuan reached a record high of 6.3896 per U.S. dollar on Wednesday, strengthening from 6.4167 per U.S. dollar two weeks ago.
