China-UStradedowninJan-Julyamidtensions-GlobalTimes

load_file(“/includes-n/article_top.html”);load_file(“/includes-n/float_share.html”);SOURCE / ECONOMYChina-US trade down in Jan-July amid tensionsBy Global TimesPublished: Aug 07, 2020 11:31 AMload_file(“/includes-n/article_share.html”);China US Photo:Global Times Chinas trade with the US declined in the first seven months of the year, while trade with other major trading partners such as ASEAN and EU notably improved during the period, Chinese customs data showed on Friday. Experts attributed the decline in China-US trade to the COVID-19 pandemic, which continues to ravage US states, as well as deteriorating relations. The total value of China-US trade was 2.03 trillion yuan ($291.4 billion) from January to July, down 3.3 percent year-on-year, according to statistics released on Friday by the General Administration of Customs.In the first seven months, Chinas exports to the US totaled 1.56 trillion yuan, down 4.1 percent, and imports from the US decreased by 0.3 percent on a yearly basis to 475.5 billion yuan. The trade surplus was 1.08 trillion yuan, down 5.7 percent.”The decline of China-US trade can be attributed to the impact of the coronavirus pandemic and trade frictions. Due to the large decline in exports to the US, Chinas surplus with the US has shrunk,” Hu Qimu, a senior fellow at Sinosteel Economic Research Institute, told the Global Times on Friday.Graphics:GTThe US was Chinas third-largest trade partner in the first seven months of the year, following ASEAN and the EU, and the only one among the top three to see a decline in trade. Chinas trade with ASEAN rose 6.6 percent year-on-year during the period, while trade with the EU was up 0.1 percent.In another sign the US declining role in Chinas foreign trade, trade with the US account for 11.8 percent of the total, compared to ASEANs 14.6 percent and the EUs 14 percent, according to the official data. Analysts said that China should boost domestic demand to offset the possible decline in foreign trade and maintain economic growth.”The escalating frictions and protracted struggles between China and the US will last for some time. Boosting domestic demand is necessary to respond to the change in the external environment,” Liu Xuezhi, a macroeconomics expert at the Bank of Communications, told the Global Times on Friday.China should also improve domestic innovation and industrial chain stability, so as to ensure normal production is not cut off by external factors, Liu added.Global Timesload_file(“/includes-n/article_share.html”);RELATED ARTICLES US lifting global travel warning attracts ridicule from Chinese netizensMany said it is only the country’s own wishful thinking to start traveling, considering its startling numbers of …load_file(“/includes-n/article_most_view.html”);var wxs = (function() {return navigator.userAgent.toLowerCase().indexOf(micromessenger) !== -1})();if (!wxs) {/* * * CONFIGURATION VARIABLES: EDIT BEFORE PASTING INTO YOUR WEBPAGE * * */var disqus_shortname = globaltimes; // required: replace example with your forum shortnamevar disqus_identifier = 1197023;/* * * DONT EDIT BELOW THIS LINE * * */(function () {var dsq = document.createElement(script); dsq.type = text/javascript; dsq.async = true;dsq.src = https:// + disqus_shortname + .disqus.com/embed.js;(document.getElementsByTagName(head)[0] || document.getElementsByTagName(body)[0]).appendChild(dsq);})();}Please enable JavaScript to view the comments powered by Disqus.blog comments powered by Disqusload_file(“/includes-n/footer.html”);load_file(“/includes-n/addthis.html”);

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