China’s 2010 trade surplus dips, but little comfort

News

China’s 2010 trade surplus dips, but little comfort

Reuters – China's global trade surplus narrowed in 2010 for the second straight year, giving Beijing grounds to rebuff U.S. pressure for faster currency appreciation ahead of a visit to Washington next week by President Hu Jintao.

The Chinese government can point to a 6 percent fall in its trade surplus last year to $183 billion as the latest evidence it is making steady progress in rebalancing its economy toward domestic consumption, cutting reliance on exports and giving the world a lift through surging demand for imports.

Lawmakers in Washington, however, will find little comfort in the data showing that apart from some heavy machinery and agricultural commodities, the United States provides few of the goods fueling China's import growth.

Read the whole article »