Economy

China to see trade surplus in 2011: Vice Minister

(Xinhua)
Updated: 2011-05-04 11:15

BEIJING - A Chinese official on Tuesday predicted that China would maintain a trade surplus in the whole year of 2011, though it recorded a small foreign trade deficit in the first quarter of the year.

"China's foreign trade is moving in a more balanced and coordinated way, and the proportion of trade surplus in the country's gross domestic product will continue to go down, " Vice Commerce Minister Jiang Yaoping told a press conference convened in Beijing Tuesday.

The press conference was held for the 13th China Hi-Tech Fair, scheduled to take place from Nov 16-21 in Shenzhen, South China's Guangdong province.

Customs data showed China notched $1.02 billion in trade deficit from January to March -- the country's first quarterly trade deficit in six years -- due to rising commodity prices and robust domestic demand, which pushed up the value of imports.

Special Coverage: China Economy by Numbers - March Related readings:  First quarterly deficit in seven years  Rebalanced trade growth

"Despite this, the trade picture for the year remains complicated. The year's trade surplus is expected to continue, but it will take up a smaller share of the GDP," said Jiang.

He noted the Chinese government would continue to encourage imports of high-tech products amid the nation's economic restructuring drive.

Over the past ten years, high-tech imports and exports increased from $110.56 billion in 2001 to $905.08 billion last year.

In the first three months of this year, the country's imports and exports of high-tech products totaled $222.8 billion, up 20.7 percent.

Jiang added that the 13th China Hi-Tech Fair would highlight displays and transactions in achievements for new technologies and products from different countries so as to boost exchange and cooperation, and to make trade reciprocal for all partners concerned.

"It demonstrates that the Chinese government has been striving to strike a balance in its trade through further assisting imports," he said.