李克强在第12届中欧工商峰会上的演讲_大学英语翻译

李克强在第12届中欧工商峰会上的演讲

The trade balance between China and the EU is determined by multiple factors, such as development stage, comparative advantage and trade structure. In the system of free trade, any economy may be prone to deficit or surplus at different times. Absolute balance of trade is simply impossible. While China runs a trade surplus with the EU, it is also in deficit with such countries as Japan, the ROK and Australia. As far as European countries are concerned, China is in surplus with Belgium, the Netherlands and Italy, but in deficit with Germany, Switzerland, Austria and Ireland. Although it is on the surplus side in trade in goods, China has a US$240 billion deficit in trade in services, among which over US$40 billion is with Europe. Due to the readjustment in the global supply chain and value chain, major changes have taken place in the flow of international trade. Trade statistics calculated with simple reference to rules of origin as is currently the case cannot truly or fully reflect the trade interests and balance between China and Europe. Last year, 74 percent of China’ s surplus of trade in goods with the EU came from processing trade. While this was registered as China’ s surplus, the profits has mainly accrued to multinational companies, with Chinese enterprises only earning a thin margin. If calculated by added value, China’ s trade surplus with the EU would be cut by around 40 percent.China follows a trade policy of balance in import and export, and does not seek trade surplus. Its current account surplus to GDP ratio has dropped from the peak of 10 percent in 2007 to 1.8 percent last year. And in the first quarter of this year, it was only 0.7 percent, lower than that of many EU countries. China stands ready to work for the launch of a joint feasibility study for a China-EU free trade area as early as possible, further improve trade liberalization and facilitation, and create favorable conditions for competitive European products to enter the Chinese market. We also hope the EU will loosen restrictions over hi-tech exports to China, exercise restraint in the use of trade remedies, and promote the balanced growth of two-way trade.