You are here: Home

Xi urges US to relax export control

: 0 Comment(s)Print E-mail Xinhua, February 18, 2012

Adjust font size:

Chinese Vice President Xi Jinping said in Los Angeles Friday that the most effective way to address China-U.S. trade imbalance is to expand U.S. exports to China rather than restrict China's exports to the United States.

Chinese Vice President Xi Jinping delivers a speech during the opening of the U.S.-China Economic and Trade Cooperation Forum in Los Angeles, the United States, Feb. 17, 2012. [Xinhua]

Xi made the remarks at the opening session of the China-U.S. Economic and Trade Cooperation Forum held in Los Angeles, the last leg of his five-day official visit to the United States.

Statistics indicate that tight U.S. control on high-tech exports has deprived many competitive U.S. companies of the opportunity to enter the Chinese market, Xi said.

Between 2001 and 2011, China's import of high-tech products increased from 56 billion U.S. dollars to 463 billion dollars, up by 23.5 percent annually, he said.

Yet in the same period, the share of U.S. high-tech products in China's total high-tech imports dropped from 16.7 percent to 6.3 percent, the Chinese vice president noted.

"If in 2011, the share of U.S. products in China's total high-tech imports had been kept at the 2001 level, then the U.S. exports to China would have increased by as much as 50 billion dollars," he said.

"It is clear that relaxing export control on China is highly beneficial to the United States, and that the most effective way to address China-U.S. trade imbalance is to expand U.S. exports to China, not to restrict China's exports to the United States," said Xi.

He called on the two countries to seize market opportunities and promote balanced trade growth.

In the 12th Five-Year Plan period from 2011 to 2015, China will step up the shift of economic growth model, accelerate economic restructuring and implement the strategy of expanding domestic demand, Xi said, adding that China will encourage more consumption, import, outward investment and innovation.

He noted that the U.S. government is implementing the National Export Initiative and vigorously attracting overseas investment.

"These mutually complementary macroeconomic policy goals offer new important opportunities for China and the United States to deepen economic cooperation and trade," he said.

Referring to the year 2012 as "a crucial year for the implementation of the 12th Five-Year Plan," Xi said China's economy will maintain a steady and robust growth.

"There will not be a 'hard landing'," he said.

By 2015, China's total retail sales of consumer goods are expected to reach 32 trillion yuan (5 trillion dollars), its domestic market will become one of the largest in the world, its total imports are expected to surpass 8 trillion dollars, and its outbound investment will exceed 500 billion dollars, he added.

"This will create enormous business opportunities for countries around the world," said Xi.

"We hope that the United States will seize these opportunities to increase the export of competitive civilian high-tech products to China," he said.

Xi arrived in Los Angeles Thursday afternoon from the central state of Iowa. He started his U.S. visit in Washington D.C. on Monday as a guest of his U.S. counterpart Joe Biden.

The United States is the first leg of Xi's three-nation tour, which will also take him to Ireland and Turkey.