Bo Xilai: Sino-US trade deficit complementary

Sino-US trade deficit is complementary rather than competitive, said Chinese Commerce Minister Bo Xilai at a dinner of the American Chamber of Commerce in China.

Bo said that China highly praises the great contributions made by American Chamber of Commerce in China in the past decade. We should continue expanding two-day trade from a long-term perspective on the road of win-win cooperation.

Textile export became the first tough problem at the transition period after China joined the WTO, the successful settlement of the issue will provide China more confidence and experience.

In global trade market, American products are in the high end or middle end, China's are in the low end.

In fact, he added, China only earned a very small proportion of the profits from manufactured goods exported to the US, and US importers and retailers have got a very large share of profits.

Moreover, China has used a fairly big part of its hard-earned foreign exchange to buy US treasury bonds, he said.

Some people in the United States are complaining that China's exports have resulted in the loss of jobs there. However, as far as I know, thanks to growing China-US trade, the jobs lost in the manufacturing sector have been more than offset by new jobs in the circulation field," Bo said.

On the issue of intellectual property rights (IPR), the minister said China has set IPR protection as a state policy, which is vital for the country to cultivate its capability of independent innovation.

China welcomes overseas investors to cooperate in this field, and will take seriously any case of IPR infringement, he said.

By People's Daily Online