Chinas willing to boost imports if US meets half-way on trade

Chinas willing to boost imports if US meets half-way on trade

China's global trade gap narrowed by 39 percent to $24.9 billion.

Gao said that China doesn't want to escalate trade tensions with the US, and that boosting imports is an established strategy.

The Chinese Commerce ministry reiterated China's willingness to import more from the United States, but he did not offer details. President Donald Trump has mounted a personal crusade to bring the USA deficit down with the world's second-largest economy.

"The particularly strong May figures are due to uncertainties from the trade negotiations", said Iris Pang, an economist at ING Groep NV in Hong Kong and the only accurate forecaster of May import growth in a Bloomberg survey. It hopes the United States will make joint efforts with China to maintain the stable and healthy development of economic and trade ties between both countries, said Gao.

For January-May combined, exports rose 13.3 percent from the same period a year ago, and imports rose 21 percent. "But progress in U.S".

The median forecast from a Reuters survey of 32 analysts had pointed to 10 per cent export growth in May, the actual outturn was just a shade below the 12.7 per cent growth posted in April.

Overall, exports jumped 12.6% in May, which was slightly slower than in April, China's General Administration of Customs reported on Friday.

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On Thursday in Washington, the U.S. announced it had reached a deal with Beijing to ease sanctions that brought Chinese smartphone maker ZTE to the brink of collapse, a possible indication of progress in fraught trade talks.

U.S. Commerce Secretary Wilbur Ross was in Beijing earlier this month for the third round of high-level negotiations, which focused on China agreeing to buy more U.S. energy and farming produce.

Still a widening in China's surplus with the United States is likely to further irritate Washington. Our second chart shows the combined value of that trade in terms of USA dollars for each month over the past 10 years, along with its trailing-twelve month average.

According to China's National Bureau of Statistics (NBS), a trade surplus of $US24.92 billion was recorded in May, down from $US28.78 billion a month earlier.

For January-May, the surplus stood at US$104.85 billion, compared with about US$92.9 billion in the same period a year ago. He has threatened to slap tariffs on at least US$50 billion in Chinese imports shortly after publishing a final list of targets on June 15.

Beijing has cut import duties on automobiles and some consumer goods and to ease curbs on foreign ownership in its auto industry.

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