Trade surplus may hit USD130b in 2006
(Xinhua)
Updated: 2006-06-27 06:44
China's trade surplus may hit a new high of between 120 billion and 130
billion U.S. dollars in 2006, Bi Jingquan, the deputy head of the National
Development and Reform Commission (NDRC) has estimated.
Bi was quoted by Monday's China Securities Journal as saying the huge trade
surplus is a direct result of the fiscal and tax policies.
China should improve its policies concerning tax rebates for exports and
processing trade, Bi said at an international symposium on the reform of China's
public fiscal policy held in Beijing at the weekend.
According to figures from the General Administration of Customs, China had a
record trade surplus of 101.8 billion dollars in 2005, the twelfth consecutive
year in which China posted a trade surplus.
The huge trade surplus has led to increased trade disputes between China and
its main trade partners and vociferous calls for the appreciation of the Chinese
yuan.
A new surplus high in 2006 will bring even greater challenges to the exchange
rate of the yuan, the report said.
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