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US, China emphasize economic interdependence in latest
Published in Saudi Press Agency on 12 - 12 - 2007

China and the United States opened
thorny trade talks Wednesday amid rising frustration by
Washington over Chinese trade barriers and implied threats
by Beijing that U.S. protectionist moves would cut both
ways, reported ap.
Both sides stressed the countries' growing economic
interdependence, but differed on what steps were needed to
shrink China's massive trade surplus.
The start of the two-day China-U.S. Strategic Economic
dialogue follows a similar forum in Beijing on Tuesday that
produced wide-ranging agreements on boosting Chinese
tourism to the U.S., increasing safeguards over Chinese
products and opening up mid-sized Chinese cities to
American imports.
In opening remarks at a faux imperial palace outside
Beijing, U.S. Treasury Secretary Henry Paulson warned that
«short-term, politically expedient» protectionist
measures would harm prosperity and prospects for working
through trade frictions.
«The U.S.-China relationship has become central to each
nation's interest and to maintaining a stable, secure and
prosperous global economic system,» Paulson said.
Leading the Chinese delegation, Vice Premier Wu Yi said
Beijing had not sought large trade surpluses, and said the
U.S. could boost sales to China by relaxing restrictions on
high-tech exports.
«To address the China-U.S. trade imbalance requires the
concerted efforts of both sides,» Wu said.
Wu reiterated Chinese concerns about the roughly 50
China-related trade bills introduced this year in Congress,
hinting China would likely retaliate if its interests were
harmed.
«I need to be quite candid about this: If these bills are
adopted, they will severely undermine U.S. business ties
with China,» Wu said.
Washington's trade deficit with China appears set to
surpass last year's record US$233 billion (¤159 billion),
according to U.S. Commerce Department figures, amplifying
calls in Congress for punitive measures on Chinese imports
if Beijing fails to loosen its currency regime.
Critics claim that Beijing keeps the yuan undervalued,
giving Chinese exports an unfair advantage and inflating
the nation's trade surplus.
China began allowing a slow rise in the yuan's value in
July 2005. Since then, it has appreciated 8.9 percent
against the dollar in tightly controlled trading.
However, Commerce Vice Minister Chen Deming said relying
entirely on an appreciation of the yuan to balance out
trade with the U.S. was «simply not a scientific
approach.»
Instead, he said Beijing is more concerned with the impact
of the dollar's decline on the world economy.
The dollar has fallen sharply against major currencies
this year, sinking to a record low against the euro in late
November and sliding nearly 7 percent against the Japanese
yen, 10 percent versus the Indian rupee and 14 percent
against the Canadian dollar.
Chen said the decline of the world's reserve currency
threatened to push up prices of strategic goods such as
gold and oil and impact on the economic health of countries
like China that maintain large U.S. dollar-denominated
foreign currency reserves.
«That's why I sincerely wish to see a scenario where the
U.S. economy strengthens and the U.S. dollar strengthens,»
said Chen, who is expected to take over shortly as
minister.
China announced Tuesday that its global trade surplus
totaled US$26.28 billion in November, showing strong
foreign demand for low-cost Chinese goods despite product
recalls and warnings over faulty or tainted Chinese goods
ranging from toothpaste and pet food to toys and tires.
U.S. Commerce Secretary Carlos Gutierrez, also among
American officials attending the talks, said righting the
trade imbalance depended on boosting U.S. exports rather
than limiting imports from China.
However, he appeared to reject Wu's assertions for the
need to eliminate restrictions on high-tech goods that were
originally imposed to protect key technology secrets and
prevent them falling into the hands of China's 2.3
million-member armed forces.
«It's a minuscule amount,» Gutierrez said. While China
is currently the fastest growing market for U.S. exports,
we «clearly need more» market access, he said.


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