Top banker: time needed to tackle trade imbalance

Source: Xinhuanet | 03-12-2007 16:50

BEIJING, March 12 (Xinhua) -- It takes some time for China to gradually address its trade imbalance on the international market, Chinese top banker Zhou Xiaochuan said Monday.

China has taken a number of measures helpful to boosting import, such as adjusting foreign exchange rate and importing a great deal of raw materials, said Zhou, governor of the People's Bank of China, the central bank.

The factors of rising production cost, increasing labor payment and improving social security are in a whole exerting impact on China's import and export balance, Zhou told a press conference held on the sidelines of the annual session of the National People's Congress (NPC), China's top legislature.

Buoyant domestic investment and foreign direct investment in China have helped raise production capacity and boost export, said Zhou, adding the trade surplus depends on domestic demand and international demand for Chinese products.

"Both export and import are growing. We have to see which one runs faster," Zhou said.

Editor:Du Xiaodan