China could generate a record trade surplus of more than $70 billion this year, rising from last year’s $32 billion and fuelling foreign pressure on the yuan, a newspaper published by the Ministry of Commerce said.

The trade surplus with the US alone would reach $100 billion this year, the International Business Daily reported. In the first five months of the year the trade surplus with the US had already reached $39 billion.
With the European Union, the 2005 trade surplus would be $60 billion, compared with $26 billion in the first five months, it said, citing no sources.
“The surplus surge will intensify pressure on the appreciation of the renminbi (yuan) and will damage the environment for China’s foreign trade,” the newspaper said, apparently referring to trade disputes with the US and European Union.
“So we should shift our attention from exports to imports.”
China should boost imports from the US and Europe, including farm products and materials of strategic significance, to help address the trade imbalances, the newspaper said.
China’s exports in the January to May period surged 33.2 per cent from a year earlier to $276.4 billion, while imports rose 13.7 per cent to $246.4 billion, resulting in a trade surplus of $30 billion, earlier government data showed.
While enjoying trade surpluses with the US and other countries, China runs deficits with many Asian countries.