News Worms
News Worms


Chinese foreign trade sees rapid growth in first half of 2017

Chinese foreign trade sees rapid growth in first half of 2017

China's consistent US trade surplus levels have left it vulnerable to accusations of currency manipulation, particularly given the fact that the yuan fell 6.6% against the dollar previous year, its biggest decline since 1994.

Last week US President Donald Trump denounced China's trade with North Korea, saying it had grown nearly 40 percent in the first quarter, and cast doubt on whether Beijing was helping to counter the threat from North Korea.

The decline follows China's decision in February to ban all imports of North Korean coal.

Imports were up 17.2 percent year-on-year - compared with an expected increase of 14.5 percent - to $153.83 billion, lifting the trade surplus to $42.76 billion.

China's first-half trade with North Korea rose 10.5 per cent year-on-year, Chinese officials said on Thursday, as the United States urged Beijing to apply economic pressure on its neighbour.

While Beijing is North Korea's longtime ally in the region, the state has voiced frustration with North Korean leader Kim Jong Un's aggressive behavior.

Imports fell 13.2 percent to $880 million in the six months to June 30 from the same period a year earlier, the customs bureau said Thursday.

Since the July 4 ballistic missile test, U.S. Ambassador to the UN Nikki Haley has been pushing for fresh measures that may include further curbs on China's trade with North Korea.

Cui said China backed further United Nations action against North Korea for violations of United Nations resolutions such as nuclear tests and launches of intercontinental ballistic missiles (ICBMs).

On June 30, the USA took steps to penalize a Chinese bank, a Chinese shipping company and two Chinese citizens it claimed worked to help North Korea evade sanctions. "Trade related to the people livelihood in North Korea, especially if it embodies humanitarian principles, should not be affected by sanctions", said Huang at a separate news briefing. "But we are skeptical that the current pace of imports can be sustained for much longer given the increasing headwinds to China's economy from policy tightening".

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