Saturday, April 08, 2006

China trying to pacify its partners

China has decided to increase its import from this year to resolve the dispute between its trading partners. The country is facing serious problems regarding trading with the United States.
The United States is the second largest trading partner and China is the fourth largest export market of the United States. Last year, China’s trade surplus was 100 billion dollar. According to US trade deficit has reached to US$ 202 billion.
Recently, China’s vice premier, Wu Yi has gone to Washington to solve this dispute before President Hu Jin Tao’s visit to Washington. Along with WU a business delegates of 202 members representing 111 business organizations went to Washington. Wu said a mutually beneficial trade relationship is crucial for overall China-U.S. relations, though some friction is to be expected. In a signing ceremony at Los Angeles the Chinese delegations signed 27 deals which was worth some US$4.44 billion.
Under this contract the Chinese business organizations will purchase: US$700 million (euro569 million) worth of Microsoft Windows software ; 4.98 million metric tons of soybeans ; and 20,000 tons of U.S. soy oil.
Commerce Ministry spokesman Liu Jianchao on a briefing said, "They will buy many products including agriculture products, airplanes, software, auto parts, electronic products, telecommunications products."
(written by S M Mehdi Hasan)