At the ongoing meeting in Beijing with the head of the National Economic Council Larry Summers representatives of the Chinese government promised to take measures to increase imports of raw materials and high-tech equipment, as well as lower fees for importers, but no concrete steps have been proposed. These statements came in response to criticism from the United States, insist that the weak yuan gives Chinese exporters an unjustified price advantage, and that China's trade surplus due to the priority of exports over imports. "This criticism is unfounded. China by its actions makes due contribution to world economic development", - said the Chinese government.
In July of 2010. China's trade surplus reached 28.7 billion dollars - a peak for 18 months. In June this year Chinese government announced that it will not interfere with the vibration rate of the yuan against the dollar, but since that time the national currency of China grew only by 0,6%. For this reason, many U.S. lawmakers insist that the government should stop such a tight control exchange rates and allow the yuan to strengthen. Some policies encourage trade sanctions against the yuan.
However, Beijing also called the U.S. protectionist trade policies. The governments of both countries are equally dissatisfied with conditions of access to national markets for steel, automobile tires, movies and other goods. Not long ago, American authorities have increased the duties on imports of Chinese aluminum production, after China's opponents raised the VAT on manufactured in the United States of America hen.
Recall, 19 June, a week before the summit, G20, which was held in Canada June 26-27, People's Bank of China announced on the return to the reform of exchange rate policy, suspended in mid-2008. against the background of the global financial crisis. Bank of China said it would make exchange rate more flexible, which could mean a gradual revaluation of the yuan - is this from Beijing, Washington is seeking for a long time.
