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China's monthly trade surplus hits new high in June (2) |
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17:11, July 10, 2007 |
The new policy covers more than a third of the total number of items listed on customs tax regulations.
To narrow its yawning trade surplus and ease frictions between China and its trade partners, the Chinese government has been encouraging companies to curb exports of products that consume vast amounts of energy and cause serious pollution during their production processes, and expand imports of high-tech goods.
China also imposed additional export tariffs and cut import duties as of June 1, leading to a similar export boom which lifted May''s trade surplus by 73 percent year-on-year to 22.45 billion dollars.
Analysts say the continued growth of the trade surplus was also a result of the global manufacturing transfer from developed countries to developing ones.
Processing in Asia for consumption in Europe and North America made it difficult to achieve a balanced international trade over a short period of time, they argue.
Customs data show China''s processing trade volume in the first six months rose 17.6 percent to 440.9 billion U.S. dollars, accounting for nearly half of the country''s imports and exports.
Chinese government also urge developed countries to relax restrictions on exports of high-tech products to China.
In the first six months, the European Union remained China''s top trading partner, with bilateral trade volume reaching 158.4 billion U.S. dollars, up 27 percent on last year. The United States was second with a trade volume of 140.55 billion U.S. dollars.
Source: Xinhua
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