金融英语阅读：Nation aims to ax trade surplus
China plans to further reduce its current account surplus in an effort to improve a global trade imbalance, central bank vice governor Yi Gang said over the weekend amid mounting international pressure for further yuan strengthening.The country is mulling policies to reduce the size of the trade surplus to under 4 percent of GDP over the next three to five years, down from 5.8 percent in 2009, the vice governor, said Saturday in Washington during the annual meeting of the World Bank Group and the International Monetary Fund, according to Dow Jones Newswire.
The trade surplus has been falling since it peaked at 11 percent of GDP in 2007. The figure is expected to decline to roughly 5 percent this year, according to Yi.
China is committed to readjusting the global trade imbalance, Yi said, adding developed countries have to pull their weight as well.
Yi made the comments while Western nations, led by the US, are loudening their calls for faster appreciation of the yuan.
China remains in need of a market-oriented exchange rate regime, Zhou Xiaochuan, the central bank governor, said Friday at the annual meeting.
"I think the difference is that for China, we view it as gradualism, a gradual way, rather than shock therapy," Zhou said.
Experts also noted that China should not put other nations' priorities over its own.
Reform of the exchange rate regime will impact China more than other countries because the yuan has limited global influence, said Zhao Xijun, deputy dean of the School of Finance at the Renmin University of China.
While reducing the current surplus could help take pressure off the yuan and also push forward the nation's economic restructuring, said Li Jian, a researcher with the Chinese Academy of International Trade and Economic Cooperation, a Ministry of Commerce think tank.
The government has been struggling to boost domestic demand to reduce its dependence on exports in order to foster consumption-driven economic growth, Li said.
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