China's trade surplus may see noticeable change in March after
the surge in January and February, according to Vice-Minister of
Commerce Gao Hucheng.
Gao made the comment at a news conference for the China
International Garment and Textiles Fair.
The first two months of the year saw an unexpected increase in
the trade surplus. The combined total of US$39.7 billion was triple
that of a year earlier.
"The surplus of roughly US$40 billion in January and February is
not indicative of the trend for the first quarter and the rest of
the year," said Gao.
The trade surplus saw a sharp increase in the first two months
because the Spring Festival holiday fell in February this year,
said Gao.
Gao said there would be noticeable change in the data for
March.
In terms of foreign trade policy, the government will continue
building a system that helps balance imports and exports, according
to Gao.
And he said the situation will see gradual improvement. "The
effect of last year's policy will be seen this year."
Exports in the textiles sector have been stable, with an
increase of 20 to 25 percent.
Exports of textiles and garments reached US$144 billion in 2006,
up 26.2 percent. Imports amounted to US$18.1 billion, up 5.6
percent.
An earlier report said the government planned to cut rebates for
garment exports, but Gao said the ministry had no immediate plans
to reduce export tax rebates.
Vice-Minister of Commerce Wei Jianguo said yesterday that China
would introduce more policies to boost hi-tech and machinery
imports, especially from countries that had a large deficit with
China.
"One of the main ways to trim the trade surplus is by increasing
imports of advanced technology and key equipment," Wei said.
China's trade surplus reached US$177.47 billion in 2006.
(China Daily April 10, 2007)