China’s trade surplus unintentional

TIANJIN — China’s premier said the nation’s huge trade surplus is not intentional but offered no measures to defuse rising US pressure over currency controls.

By (AP)

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Published: Wed 15 Sep 2010, 11:25 PM

Last updated: Mon 6 Apr 2015, 11:50 AM

In a speech to a business conference, Wen Jiabao did not mention the currency dispute or demands by American lawmakers for Beijing to face possible sanctions. Critics say China’s yuan is kept undervalued, giving its exporters an unfair advantage and swelling its trade surplus.

“We do not pursue surpluses in trade,” Wen said before an audience of about 1,500 business leaders at the meeting of the World Economic Forum.

Tension over trade and currency has risen as American lawmakers face pressure to create jobs ahead of November elections. Analysts say that amid slack US growth, Beijing faces a growing likelihood Congress might enact punitive measures. Lawmakers are due to hold a hearing in Washington this week. That comes after China reported a $20 billion trade surplus for August — its second-biggest this year. —

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