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China, US meeting sets positive tone for SED

(Xinhua)
Updated: 2007-12-11 19:59

The latest figures from Chinese Customs show that between January and November, China-US trade expanded 15.7 percent from the same period of last year to US$276.21 billion.

Chinese Vice Premier Wu Yi (R) and US Treasury Secretary Henry Paulson toast after a signing ceremony held for the Joint Commission on Commerce and Trade at the Diaoyutai State Guest House in Beijing December 11, 2007. [Agencies]

"China has been the fastest-growing export market for the United States for five straight years," Wu said at the opening ceremony, forecasting that China would be the third-largest importer of US goods this year, after Canada and Mexico.

The Chinese top trade official, who told the media she would retire next year, said she sincerely hoped that relevant agencies from both sides would fully implement the broad consensus reached at the meeting, expand cooperation, iron out disparities and work more closely for a brighter future for China-US economic and trade relations.

Wu also criticized the "unharmonious notes" in China-US trade ties, marked by what she described as a sharp rise in the number of US Congressional actions against China, the politicization of economic and trade issues, tighter controls on certain types of exports to China and what she termed the purposeful exaggeration of China's food and product safety practices.

"These have seriously damaged the reputation of China-made products and the image of China," she said.

In April, the Bush administration, under pressure from Congress over trade with China, took action at the World Trade Organization (WTO) against China over copyright piracy and market access barriers against American books, music and movies.

Last month, the WTO decided to set up an expert panel to investigate the alleged Chinese restrictions.

"China is a responsible developing nation, not only in terms of the protection of intellectual property rights, but also improving product quality and balancing foreign trade. Our attitudes are clear-cut and our actions are resolute," she said.

Market confidence in China-made products improved after the Chinese government launched a broad, four-month national campaign with a special leading team to raise awareness of product quality. The government also moved to crack down on producers of counterfeit and sub-standard goods.

Customs figures revealed that Guangdong, China's major toy production base, exported toys valued at US$4.94 billion in the first 10 months, up 22.9 percent over the same period last year. About 79 percent were exported to the United States and the European Union. Toys were one of the product categories involved in quality and safety controversies.

The southern coastal province accounts for 70 percent of the Chinese toys made for export and about half of the world's toy production.

(For more biz stories, please visit Industries)

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