China rejects status as world’s biggest trader

China's government has taken the unusual step of publicly denying that it passed the United States last year as the world's biggest trader — a politically sensitive status.

Trade data from both governments indicate China passed the US last year in total imports and exports by a margin of $3.866 trillion to $3.822 trillion, or about $44 billion.

China's Commerce Ministry issued a statement on Tuesday denying that. It said China still lagged by $15.6 billion last year under World Trade Organization standards for valuing goods. That is equal to just 0.3 per cent of China's total trade.

Beijing wants to be seen as a global leader but says it is a developing country. Its communist leaders are wary of any status that might lead to demands for more efforts to stimulate the global economy or concessions in talks on trade, climate change or other contentious issues. "I think there is some concern from the Ministry of Commerce that this might be used as evidence by Western countries that China is not doing its part to rebalance the global economy,'' said Xianfang Ren, China analyst for IHS Global Insight.

Please read our terms of use before posting comments
TERMS OF USE: The views, opinions and comments posted are your, and are not endorsed by this website. You shall be solely responsible for the comment posted here. The website reserves the right to delete, reject, or otherwise remove any views, opinions and comments posted or part thereof. You shall ensure that the comment is not inflammatory, abusive, derogatory, defamatory &/or obscene, or contain pornographic matter and/or does not constitute hate mail, or violate privacy of any person (s) or breach confidentiality or otherwise is illegal, immoral or contrary to public policy. Nor should it contain anything infringing copyright &/or intellectual property rights of any person(s).
comments powered by Disqus