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EU-China trade imbalance inquiry Keywords: China; European Union; trade imbalances Abstract: Entering the new century, China and Europe with the rapid development of China-EU trade, the EU trade deficit with China continues to expand the bilateral trade imbalance has become the focus of bilateral economic and trade game. First, China and the EU cited the reasons for the understanding of the trade imbalance, and then by comparing the similarities and differences between the two sides understanding on bilateral trade imbalances were more objective and comprehensive analysis. On this basis, and from the impact of trade imbalance between the two sides had in-depth analysis of China and the EU should put forward a rational look at the last trade imbalances, and actively make mutually beneficial concessions. At the same time, the two sides should also be a strategic partner from the height of view on this issue, should not have because of anxious for the intensification of the two sides in the conflict on this issue and poisoned the good atmosphere of bilateral trade, efforts to get this issue to the adverse effects of bilateral economic and trade relations reduced to a minimum. In the new century, with the rapid development of China-EU trade, EU trade deficit with China increased rapidly from 2001 rising to 5.17 billion U.S. dollars in 2007, 134.23 billion U.S. dollars, an average annual growth rate reached 59.3%. Which ,2002-2005 growth has been maintained at about 90%. Although the 2006, 2007, the EU trade deficit with China increased significantly lower, only 30.7% and 46.4%, but due to large base (in 2005 the EU trade deficit with China of 70.12 billion U.S. dollars), which is two years, the EU trade with China deficit increased by 21.54 billion U.S. dollars and 42.57 billion U.S. dollars. European Union statistics even more shocking. In 2005, the EUs trade deficit with China of 1085 billion euros (134.97 billion U.S. dollars), even more than Chinas 2007 statistics, a 34.23 billion U.S. dollars. Serious trade imbalance greatly stimulated the European Union on the sensitive nerve of this, the EU Trade Commissioner Peter Mandelson has openly accused China trade deficit, intolerable, strongly urged China to take measures to reverse the trade imbalance situation. China has also noted that the bilateral trade imbalance to the negative impact of economic and trade relations and are actively think of ways to alleviate the serious imbalance in bilateral trade situation. At present, China-EU trade imbalance has become the focus of bilateral economic and trade game. First, China and the EU understanding of the causes of the imbalances 1. Chinas understanding of the causes of trade imbalances China believes that the EU-China trade imbalance is the accelerated development of economic globalization against the backdrop of the developed countries including the European Union / regions the inevitable result of industrial transfer to China. Making China the EUs industrial shift to the EUs export earnings, there is a large proportion of China-EU trade diversion results. Japan, Korea, China Taiwan and the ASEAN member countries have also accelerated the pace of industrial transfer to China in China, assembling, processing, product, and then re-exported to Europe, so Europe and the United States some of these countries are also transformed into a trade deficit of Chinas trade deficit. These deficits began in 2000 (about 40 billion U.S. dollars), and has been showing a growing trend; to 2006, Chinas trading partners in the above-mentioned deficit totaled 1539 billion, while over the same period China to the EU and the United States a surplus of 35.9 billion U.S. dollars the total amount of about 2. The Chinese side also believes that China-EU trade imbalance with the European Union discriminatory arms embargo on China. 2. EU understanding of the causes of trade imbalances EU recognizes the trade imbalances that China is vicarious expiation takes, Chinas trade surplus part of the surplus of other countries. In October 2006, the EU issued a Competition and Partnership: EU-China trade and investment policy document that clearly states that the past decade, Asian countries the proportion of imports in the EU is relatively stable at 20% to 25%. For China The trade deficit to a certain extent, has been partially covered up China replaced exports of other Asian countries to become the country of origin of the fact. The EU also admitted that due in part to produce this deficit is structural and, therefore, this phenomenon will continue for some time. However, the EU trade deficit reflects Chinas greater emphasis on the serious issue of market access and Chinas failure to comply with WTO obligations, strongly demand that China to completely fulfill the obligations of WTO members of the all-round way to the other members of the liberalization on goods and services markets, deregulation of foreign investment restrictions and the protection of the rights of foreign companies. At the same time, the EU also believes that Chinas unreasonable economic growth, special incentives for enhanced economic growth in Chinas competitive advantage, curbing demand for imports, exacerbating the trade imbalance. In addition, the EU also believes that trade imbalances with China and make full use of the EUs GSP-related. Second, China and the EU understood the cause of trade imbalance Comparative Analysis First, both sides agree that trade imbalances with the international industrial transfer and the resulting trade diversion related to a certain long-term. But the Chinese side believes that this is the root cause of trade imbalance, while the EU side will be more attention focused on Chinas market access issues. After accession to the WTO, Chinas efforts to honor its promise, the general tariff level lowered to 9.9%, and abolished, including import quotas, import licensing and product-specific bidding, etc., all non-tariff measures, and increased trade in services and open up. In 2001, EU exports to China of 35.72 billion U.S. dollars, in 2007 soared to a 10.96 billion U.S. dollars, at 7 years increased by 3 times more than all the trade partners of the EUs fastest-growing, which shows that the openness of the Chinese market, a significant提高. However, China does retain a number of constraints, such as the establishment of capital requirements to bring the cost of restrictions on investment rules, ownership cap, as well as local content requirements. China is a developing country, only by adhering to a gradual opening up, in order to effectively protect and nurture our countrys strategic industries, reduce the risk of the economy and promoting the national economy to achieve sustained, stable growth, and thus continue to expand imports from the EU can achieve a win-win . Secondly, the EU believes that Chinas unreasonable economic growth and special incentives exacerbated the trade imbalance. In recent years, although my country has been maintained around 10% of the economic growth rate, but the status of a limited domestic consumer demand has not significantly improved. At present, more than half of domestic economic growth driven by imports and exports. For China, excessive dependence on external demand of economic growth pattern is unreasonable, and it is not sustainable. Moreover, China has long been the gross domestic product, the most important for assessing local government performance evaluation index. As the textile, manufacturing, production and processing and other labor-intensive industries to gross domestic product, tax and employment pulling effect is more obvious, some local governments of exporting enterprises in these industries have been encouraged, attitude and give them a variety of preferential policies and subsidies , resulting in excessive investment in these industries, productivity increased significantly. And because most of the exports is not very different, type repeat, a very common phenomenon of predatory pricing Competitive Sales, profits and even some of the product only 2% 5%. From this perspective, Chinas unreasonable economic growth and special incentives indeed similar enterprises in the EU has brought enormous pressure, to a certain extent, exacerbated the trade imbalance. Third, China believes that the discriminatory nature of the EU arms embargo exacerbated the trade imbalance. Accession to the WTO, China has a comparative advantage in labor-intensive industries the potential of being released, a large number of inexpensive Chinese goods from entering the EU market, well received by consumers in the EU. Meanwhile, Chinas much-needed high-tech products, dual-use products because of the EU arms embargo on China can not trade, while the EUs other products, and because prices are too high not have access to the Chinese people of all ages. In this case, the European Union a large part of Chinas export capacity has been set aside, it will naturally increase the bilateral trade imbalance. 3. trade imbalance in China, the European Union impact analysis Accelerated development of economic globalization against the backdrop, the international transfer of industry and industrial chain of global trade in cis configuration makes the deficit and the economic significance of the original meaning has changed in order to shun the trade deficit divided national boundaries can no longer truly reflect the countries in the gains and losses in the interests of international trade. Therefore, simply because the existence of Chinas huge trade surplus with the EU finds Chinas bilateral trade would benefit the EU in bilateral trade damaged. In fact, the China-EU trade imbalances to the impact of the two sides have their own advantages and disadvantages, we must adopt a reasonable attitude. For China, a huge trade surplus with both a good side and bad side. On the positive side, the huge trade surplus makes the rapid increase in Chinas foreign exchange reserves, to the end of 2007, Chinas foreign exchange reserve has reached 1.5 trillion U.S. dollars, ranking first in the world. Huge foreign exchange reserves to enhance Chinas comprehensive national strength, international payment capability and its ability to resist risks for future all-round opening up trade in services, the exchange rate more flexible and future capital projects, such as more open and laid a solid foundation. In addition, Chinas exports to the EU enterprises are concentrated in the textile, manufacturing, production and processing and other labor-intensive industries, these companies ask for much on the quality of workers, for a large number of rural surplus labor and middle-technical professionals provide valuable employment opportunities, effectively easing the pressure on low-level employment. Never a good side, first of all, a huge trade surplus with China for the EU to implement trade protection measures to provide a pretext for intensified trade friction. The EU believes that the EU-related industries and employment has been the impact from China, in order to improve the international balance of payments situation, to protect domestic industries and employment, healthy development, the EU will need to set limits on Chinese imports. In recent years, a substantial weakening of the EU GSP treatment to China to strengthen anti-dumping investigations, and set up a number of technical trade barriers against Chinese products, which is the most representative lighter CR standards. Second, the huge trade surplus has increased the pressure on RMB appreciation. October 2007, the 13-nation euro zone finance ministers issued a statement, the first time, the RMB exchange rate as more than the dollar and the yen exchange rate Gengrang a matter of concern in Europe. The EU Commission on this issue, a more cautious and moderate attitude, and actively follow the example of the United States to exert pressure on the RMB exchange rate, making the RMB is facing tremendous pressure of appreciation. Finally, the huge trade surplus with Chinas economic development has also produced a certain negative impact. On the one hand, a huge trade surplus has increased the amount of the domestic market launch renminbi, to a certain extent, caused by the domestic economy from overheating, inflationary pressures in an unfavorable situation. On the other hand, Chinas exports to the EUs products generally fall into the price inelastic demand for the product, can only rely on constantly to lower prices a firm foothold in the international market is very easy to make our exports to the EU into does not yield a good harvest, the embarrassing situation of . More ominously, a large number of exports of these products due to domestic economic growth, tax revenue growth, employment, role in promoting clear, some local governments to encourage development of these industries hold the attitude, resulting in continued expansion of these industries, affecting the domestic industrial structure the adjustment and upgrade of constraining Chinas economic sustainable development. For the EU, despite the huge trade deficit, the EU continues to benefit from the trade. First, through the transfer of industries to China, the European Union can take advantage of cheap Chinese labor advantage in China produce goods and then sold to the European market for high profits. In this context, Chinas export surplus and a large part of the pockets of the Europeans. Moreover, China is also beneficial to the European Union focused on industrial transfer of resources within the AU to accelerate the industrial structure adjustment and upgrade. Secondly, the EU imported from China makes a large number of cost-effective products to consumers, brokers, vendors, and gained tremendous benefits, not only increases consumer surplus, but also increases the brokers, dealers profits. Thirdly, the EU imported goods from China to some extent make up for deficiencies in the European Union related industries to enhance the effective supply of the EU market to make up for the consumption gap, effectively suppress the occurrence of inflation, to price stability has made contribution. According to OECD statistics, 2001-2005 euro-zone inflation rate -0.2%. On the negative side, the huge trade deficit within the EU led to their employment, wages, and some traditional industries a