China's trade surplus to remain for long time

China's exports will continue to out pace its imports for a long time to come even though the country is not intentionally pursuing a foreign trade surplus, according to report issued by the Ministry of Commerce (MOC) on Friday.

The report attributed China's trade surplus to international industrial transfer, China's fast growing industrialization and inadequate domestic demand.

China is becoming more industrialized, which has provided a great impetus to technological progress and industrial upgrading, said Li Yushi, vice president of Chinese Academy of International Trade and Economic Cooperation.

The country has seen continuous growth in exports of telecommunication products and sharpened the competitiveness of its traditional exports such as textiles, light industrial products and household appliances, said Li.

"The Trade imbalance is one of the issues that China's macro control aims to address", said Li, adding that China will keep a balance between exports and imports by encouraging exports of higher value added products and expanding imports.

The country's total trade surplus for the first ten months of the year was 133.62 billion U.S. dollars. The surplus for all of last year was 101.88 billion U.S. dollars.

October's trade surplus broke the monthly record when it hit 23.8 billion U.S. dollars.

Source: Xinhua