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China trade surplus with US widens 7.1% to $317 billion in 2020
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China trade surplus with US widens 7.1% to $317 billion in 2020
AFP / Jan 14, 2021, 12:30 IST
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(Representative image)
BEIJING: China s trade surplus with the United States widened last year, underlinging the failure of Donald Trump to narrow the gap during his tenure, demand soared for electronics and medical equipment during the coronavirus pandemic.
The pick-up came on the back of a jump in exports through most of last year as China s factories kicked back into gear from the second quarter following a strict lockdown that managed to broadly contain Covid-19 and allow economic activity to return.
President Xi Jinping called on Starbucks Corp. to help improve China-US ties, striking a business-friendly tone as the Biden administration prepares to take over in Washington. “I hope Starbucks will make active efforts to promote China-US economic and trade cooperation and the development of bilateral relations,” Xi said in reply to a letter from Chairman Emeritus Howard Schultz. Xi’s letter was dated Jan. 6 and published Thursday by the official Xinhua News Agency. “China has embarked on a new journey of comprehensively building a modern socialist country, which will provide a broader space for companies from all over the world, including Starbucks and other American companies, to develop in China,” Xi wrote.