No one solution to U.S-China trade imbalance: U.S. trade official
A senior U.S.trade official Thursday said there was no one solution to address the U.S-China trade imbalance.
"There is no one cause or solution for the trade deficit. There are many ways we can work together to rebalance the trade relationship," Deputy U.S. Trade Representative Demetrios Marantis said in Beijing.
Marantis arrived in Beijing Monday for discussions with Chinese officials on trade and economic relations.
To achieve a better trade balance, Marantis proposed the United States work on boosting its savings rate while China boost its consumption rate.
"That work is under way," Marantis said.
The U.S. savings rate had increased significantly in recent months and China had been working to create a more consumer-driven society, he said.
Work on macro-economic issues by both countries would help restore the balance, Marantis said.
In 2009, China became the third biggest market for U.S. exports and China's trade surplus with the United States fell by 16.1 percent, according to China's Ministry of Commerce.
China has repeatedly urged the United States to relax its export controls on high-tech products to the country.
The United States would launch a comprehensive review of its export control regime, which the Commerce Department was leading, Marantis said, adding the work would "take some time."