EU, China Disagree Over Yuan, Uneven Trade at Business Summit
The EU's Economic Affairs Commissioner Joaquin Almunia said China, as a world economic power, needed to consider more than only the dollar in its economic policy. "They have to consider that not all adjustments should be focusing on the relationship between the dollar and the yuan," Almunia told reporters in Beijing. "They must think about the evolution of the exchange rate toward the euro."
Addressing the Europeans other main economic concern with the Asian giant, Chinese President Hu Jintao told European Commission President Jose Manuel Barroso that he "did not favor a sizeable trade surplus with the EU," officials said. The EU is China's largest export market. European officials have called for China to speed up its reforms as the 27-member bloc's trade deficit with China reached a record 131 billion euros ($194 billion) last year and is expected to grow to 170 billion euros in 2007, according to EU statistics.
Note EU-Digest: the EU commission should move towards finding more efficient ways in curbing the ever larger trade deficit with China including considering introduce a tariff system on particular Chinese products
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