China managed China-US trade imbalance

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By CGTN's Wang Hui

The US Secretary of Commerce recently said that Chinese exports to the US have tripled in the past 15 years, and America's trade deficit with China has reached 309 billion US dollars, because of the free market restriction issues.

Under Washington's concerns about the US trade deficit with China and doubts about China's free market, spokesman for China's Ministry of Commerce Gao Feng responded on Thursday that China enjoys a trade surplus in labor-intensive products, but has a trade deficit in capital-intensive, high-tech, and agricultural products.

Gao Feng, spokesman for China's Ministry of Commerce. /CGTN Photo

Gao said the current trade balance is simply a reflection of nations' comparative market advantages. He believes both China and the US have made efforts to resolve their trade imbalance.

"We are willing to continue taking active measures to increase America's exports to China. China hopes the US will also follow in this direction and take pragmatic steps in loosening restrictions on Chinese exports, as well as make efforts to decrease America's trade deficit in goods,” Gao pointed out.

He announced that in the first half of this year, the volume of off-shore outsourcing services reached nearly 218 billion US dollars, an increase of 12% compared with the same period last year.

VCG Photo

Knowledge process and business process outsourcing made up more than 50% of the industry. Key outsourcing sectors, including telecommunications, computer technology, and information services grew by as much as 15% percent.

"We have seen a clear trend of digitalization in emerging outsourcing services, about 50% to 60% of global outsourcing services can be digitalized," he added.

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