US okays hi-tech exports to China
July 30th, 2009 - 7:02 pm ICT by IANSIndo-Asian News Service
Beijing, July 30 (IANS) The US administration has decided to lift its restrictions on the export of hi-tech goods to China, a media report said Thursday.The China Daily quoted Vice-Premier Wang Qishan, who took part in the two-day China-US Strategic and Economic Dialogue that ended in Washington Tuesday, as saying: “The US pledged to facilitate exports of high-technology products from the US to China.”
Sino-US trade touched $333.7 billion last year in spite of the global financial crisis. The volume of trade was $2.5 billion 30 years ago.
However, the US suffers from a significant trade deficit with China and has blamed the “undervalued” yuan for this.
Analysts have said the reluctance of the US to export hi-tech products was partly to blame and noted that unrestricted sales of hi-tech goods would help balance bilateral trade.
“The relationship with China is one of the most important global relationships for the US now and in the years ahead,” said US-China Business Council President John Frisbie.
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Tags: asian news, beijing, bilateral trade, china business council, china daily, council president, economic dialogue, frisbie, global financial crisis, global relationships, high technology products, indo, news service, president john, relationship, reluctance, spite, trade deficit with china, wang qishan, yuan