China Trade Surplus With US Jumps 19% In First Quarter

Tanker vessel

Chinese President Xi Jinping on Tuesday said China wants to expand imports and achieve a better worldwide trade balance.

We may have differing perceptions on our borders but India and China coming together to try and bargain for lower oil prices from West Asian crude producers is a welcome step.

"As the world's second largest economy, China played a crucial role in lowering the risks from world economic volatility with its stable growth", the NBS said. The yuan appreciated around 3.7 per cent against the USA dollar in the first quarter this year, on top of a 6.6 per cent gain last year.

So far the large threats wielded by both sides have not been implemented. But the rise in imports was steeper, at almost 19 percent.

Calculated with exchange rates of respective years, China's GDP accounted for 14.8 percent of the world economy in 2016, up from 12.5 percent in 2013.

Its trade surplus with the United States in the first quarter grew more than 19 percent from the same period past year to just over 58 billion dollars.

China will introduce foreign investors to trade in domestic iron ore futures from May 4, according to the country's securities regulator. But the solid global growth outlook may provide some buffer.

Ahead of a visit by president Xi Jinping to speak at the island's Boao Forum, Hainan's chief investors have warned China is losing out on gaming revenue.

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Each side has slapped tariffs of $3 billion in goods so far, but the United States has threatened to impose duties on more products and China has vowed to retaliate.

For Jan-March, imports rose a strong 18.9 percent on-year.

Meanwhile, China's trade surplus with the 28-nation European Union, its biggest trading partner, shrank by half from a year ago to $3.6 billion.

China's exports rode a global trade boom past year, expanding at the fastest pace since 2013 and serving as one of the key drivers behind the economy's forecast-beating expansion.

The surplus reached $58 billion in January-March, customs bureau spokesman Huang Songping said at a briefing in Beijing.

US President Donald Trump has approved a possible tariff hike on US$50 billion of Chinese goods in response to complaints that Beijing has been stealing or pressuring foreign companies to hand over technology.

Beijing has long accused Washington of meddling in the South China Sea.

"This year, we will considerably reduce auto import tariffs, and at the same time reduce import tariffs on some other products", Xi said.

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