China sees deficit concerning trade on technology

China Plus Published: 2017-10-13 11:08:50
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A bamboo ipad protector designed by a high-tech company in Jiangxi province, well received in the European and U.S. market. [Photo: VCG]

A bamboo ipad protector designed by a high-tech company in Jiangxi province, well received in the European and U.S. market. [Photo: VCG]

Stats have shown that China's imports on technology outvalued exports during the first 8 months of the year.

The value of imports on technology gained 14.7 percent year on year to nearly 24 billion U.S. dollars, while exports decreased 9.3 percent to 14 billion dollars.

Xian Guoyi with the Department of Trade in Services and Commercial Services under China's Ministry of Commerce said the basic trend in terms of China's exports on technology will remain unchanged.

"The structure of China's trade on technology has seen great changes, leading to a temporary fluctuation concerning trade value for this year. China's value of exports on technology in 2012 was only 6 billion U.S. dollars, and the deficit was 36 billion dollars. But the value of exports during the first 8 months of this year reached over 14 billion dollars already. I believe that the trend concerning China's exports on technology will not change in the long run," said Xian.

He added that the United States became China's biggest trade partner on technology during the first 8 months.

"On one hand, this has shown that the bilateral economic and trade relationship between China and the U.S. are complementary to each other. We welcome technologies with high added value exported from the U.S. side. On the other hand, it also demonstrates that both countries will continue to further boost cooperation and exchanges on technology," said Xian.

Trade on technology mainly focused on such industries as communication, computers and electronic equipment's manufacturing.

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