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China sees first quarterly trade deficit in 6 years, small March trade surplus |
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2011-4-12
The quarterly numbers signaled that China's trade has struck a basic balance between exports and imports, and its trade policies of stabilizing exports while increasing imports has taken effect, said Li Jian, research fellow from the Chinese Academy of International Trade and Economic Cooperation affiliated with the Ministry of Commerce.
Further, the trade data showed that China's economy was evolving in a more balanced direction, said Zhou Shijian, senior research fellow from the Center for US-China Relations, Tsinghua University.
It also showed the Chinese Renminbi (RMB), or the yuan, was not undervalued and some countries' allegation of China's currency manipulation can not hold water, said Zhou, adding that China has no intention to pursue a trade surplus.
The RMB on Thursday hit a record high of 6.5456 per U.S. dollar, which means it has appreciated 1.16 percent against the U.S. dollar since the beginning of the year.
However, Zhou said that China's trade would be rebalanced gradually as the trade deficit could not last long given that the first quarter is usually the slack season for exports.
Speaking about this year's foreign trade development, Chinese Premier Wen Jiabao said Saturday that the country would focus on maintaining a stable increase in foreign trade and optimizing its economic structure.
"China should transform its economic and trade development pattern, from a growth mode driven by factors including labor, land and environment, to a new mode featured by economic scale and creativity," said Zhang Yansheng, director of the National Development and Reform Commission's Research Institute of Foreign Economic Relations.
Therefore, China should moderately increase imports on non-production products, advanced skills and personnel, among others and, meanwhile, intensify exports on traditional items, emerging industries and modern services, Zhang added.
Source:Xinhua
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