China trade surplus hits another record in July
(AFP)
Updated: 2006-08-09 14:39 China's trade surplus in July
hit a record 14.61 billion dollars, offering further evidence that the Chinese
economic machine is continuing to race ahead.
July exports were up 22.6 percent to 80.34 billion dollars from a year ago,
with imports rose 19.7 percent at 65.72 billion dollars, the official Shanghai
Securities News reported, citing an unnamed customs official.
The report said exports for the seven months to July rose 24.8 percent to
508.9 billion dollars. Imports for the period were up 21.1 percent at 432.95
billion dollars.
The trade surplus in June was a then-record 14.5 billion dollars, according
to previously released official figures. China's trade surplus for the first six
months totaled 61.45 billion dollars.
The official trade numbers for the first seven months of the year are
expected to be released this week, the paper said.
In a separate story the newspaper, citing a report by the State Information
Centre, a government think tank, said that China's trade surplus was expected to
come in at 146 billion dollars for the year.
China's current policy of appreciating the yuan gradually and reducing export
rebates have had little effect on China's trade surplus, the think tank said.
"Stimulating domestic consumption is the key to softening China's huge trade
surplus," it said.
Last year the trade surplus surged to 102 billion dollars, fueling anger from
the United States which says China has an artificially weak currency which gives
Chinese exporters an unfair advantage.
According to Washington's different calculation methods, China's surplus with
the United States alone was over 200 billion dollars.
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