China surplus with US grows
A RECORD domestic grain harvest has reduced Chinas need for imported grain. The growing trade surplus with the US risks straining next months China-US trade summit.
China has had a bumper harvest of many agricultural products, so demand for imports has dropped.
The surplus reached $39.5 billion last year. It was 35% higher in the first six months of 1997, compared with the same period last year.
China is sticking to its timetable of tariff reductions. Average tariffs are being cut to 17% from 23%. It has a target of 15% by 2000.
- Financial Times 16/09/97 page 6