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7
The
China started to enjoy trade surpluses continuously.
recent substantial increase in imports was mainly due to
the imports of raw materials and semi-manufactures, and
fertilizers. This is consistent with the official strategy
that imports are used primarily for supporting exports and
overall economic growth, rather than for meeting consumer
demand.
Exports
Imports
Year-on-year
Year-on-year
Visible
growth rate
growth rate
Value (US$BN)
in money terms
Value
in money terms
trade balance
(%)
(US$Bn)
(%)
(US$Bn)
1990 Annual 62.1
18.1
53.3
-9.8
8.7
H1
25.7
15.0
23.1
-17.7
2.5
H2
36.4
20.2
30.3
-2.7
6.2
1991
H1
30.4
18.5
26.8
15.9
3.6
Q3
19.1
21.2
16.5
22.9
2.6
Q1-Q3
49.5
19.5
43.3
18.5
6.2
9.
Largely triggered by China's substantial visible
trade surplus with the United States, by the exports of
prisoner goods to the United States, and by the reluctance
on the part of the Chinese government to open up the market
for imported goods, President Bush ordered a full-scale
investigation into the
unfair trade practices of China in early October 1991. This inquiry, which will last one year
and is known as the Section 301 investigation under the US
trade law, may result in severe retaliation by the US
This investigation was initiated after the US
Administration expressed dis-satisfaction over the package
of trade reform
government.
measures submitted by China to the United
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