← Autodidact Archive · Original Dissent · Walter Yannis
Thread ID: 20555 | Posts: 2 | Started: 2005-10-07
2005-10-07 05:38 | User Profile
[URL=http://news.bbc.co.uk/go/pr/fr/-/1/hi/business/4314778.stm]BBC[/URL] China trade surplus set to triple
China is forecasting a trade surplus of $90bn (ã51bn) to $100bn this year, a threefold increase on 2004's $32bn. The Commerce Ministry said the surplus would be created by a predicted 30% jump in exports to $750bn, compared with a 18% rise in imports to $660bn.
The figures are likely to further annoy the US, which has long argued that China's exports are unfairly helped by a deliberately undervalued yuan.
Beijing agrees the surplus is too high, but says the yuan is only one factor.
Domestic factor
Bank of China governor Zhou Xiaochuan said the country also needed to do more to boost domestic demand so more goods stayed within the country.
"In the major global economies, the influence of domestic consumption on the trade balance is far greater than that of foreign exchange rate adjustments," he told Chinese financial magazine Caijing.
"This is the situation in Japan, as well as the US."
China increased the value of the yuan against the dollar by 2.1% in July and permitted it to trade within a narrow band, but the US wants the yuan to be allowed to trade freely.
However, Beijing has made it clear that it will take its time and tread carefully before allowing the yuan to rise further in value.
Clothing boom
Chinese exports have particularly been driven this year by textiles and clothing items.
Exports of such goods have shot up since the start of 2005, due to the ending of long-held global production level agreements.
By August this saw Chinese clothing pile up at European ports after exceeding the EU's import quotas for the whole year.
The impasse was removed after EU quotas were relaxed following talks between European Commission officials and their opposite numbers in Beijing.
2005-10-07 13:22 | User Profile
[IMG]http://images.forbes.com/media/lists/10/2004/GHPT.jpg[/IMG] John Walton
58 , inherited
Source: Wal-Mart
Net Worth: $20 bil
Country of citizenship: United States Residence: Bentonville, AR, United States Industry: Retailing Marital Status: married , 1 child
Son of Sam Walton (d. 1992), who opened his first general store in Rogers, Ark. in 1962. Wal-Mart now world's largest retailer: 4,000-plus stores around the globe. Family controls 38% of Wal-Mart; John serves as a director. Family last year donated $750 million-plus, much to education, including $300 million to U. of Arkansas. But family largesse not enough to quell accusations that Wal-Mart wields too much clout. If Sam were alive today, he would be worth twice as much as Bill Gates.