Monday, March 10, 2008

China sees slower surplus rise in 2008 -official

China's trade surplus would grow at a slower pace in 2008 due to weaker U.S. demand in the wake of the U.S. subprime mortgage loan crisis, a top Commerce Ministry official said on Wednesday.

"The impact from the U.S. credit crisis is becoming bigger and bigger, so this will definitely affect exports this year because demand from U.S. markets will become less," said Ma Xiuhong, vice minister of China's Ministry of Commerce.

Speaking to reporters on the sidelines of the top political advisory body meeting, Ma also said it was not fair for the EU to blame its trade deficit with Beijing on China's weak yuan currency.

She also said that her office would keep encouraging Chinese firms to explore opportunities abroad and hoped they will be given fair treatment by foreign governments.

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