The U.S. believes that the huge trade deficit makes America "lose out," and the Ministry of Commerce responds
The U.S. believes that the huge trade deficit makes America "lose out," while the Ministry of Commerce responded that the trade imbalance between China and the U.S. is a result of structural issues in the U.S. economy, not something China deliberately pursues. China's current account surplus as a percentage of GDP has decreased from 9.9% in 2007 to 2.2% in 2024. Sino-U.S. trade needs to be considered comprehensively, including service trade and the sales of domestic companies in each other's countries. Overall, the economic and trade exchanges between the two sides are roughly balanced in terms of benefits
A relevant person in charge of the Ministry of Commerce answered reporters' questions regarding the white paper "China's Position on Certain Issues in China-U.S. Economic and Trade Relations." The U.S. side believes that the huge trade deficit makes the U.S. "lose out." What is China's comment on this? Answer: The trade imbalance in goods between China and the U.S. is both an inevitable result of structural issues in the U.S. economy and determined by the comparative advantages and international division of labor between the two countries. China does not deliberately pursue a surplus; in fact, the ratio of China's current account surplus to GDP has decreased from 9.9% in 2007 to 2.2% in 2024. An objective understanding and evaluation of whether China-U.S. bilateral trade is balanced requires a comprehensive and in-depth examination and cannot be based solely on the goods trade deficit. The U.S. has a significant advantage in service trade. The U.S. is the largest source of China's service trade deficit, which has generally shown an expanding trend, with a deficit of USD 26.57 billion in 2023, accounting for about 9.5% of the total U.S. service trade surplus. Considering the three factors of goods trade, service trade, and the local sales of domestic enterprises in each other's countries, the economic and trade exchanges between China and the U.S. are roughly balanced.
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