21:40 ET<\/span>
\n<\/span><\/p>\nUS Treasury Secretary Timothy Geithner has said that China is taking steps to rebalance its trade policy, though more needs to be done.<\/p>\n
The US has been one of the fiercest critics of China’s trade policy. <\/p>\n
It has accused China of keeping the value of it currency artificially low in order to boost foreign sales. <\/p>\n
On Friday, the China Daily newspaper reported that China plans to cut tariffs on imports as it seeks to stoke domestic demand.<\/p>\n
Right direction?<\/span><\/p>\nChina is one of the biggest exporters in the world, but demand has weakened in markets such as the US and Europe. <\/p>\n
“China understands they can no longer depend on demand from US consumption being such a substantial contributor to growth,” Mr Geithner said during testimony to the US Senate Foreign Relations Committee.<\/p>\n
“They have no alternative but to shift their growth strategy to a growth strategy that relies more on domestic demand,” he added.<\/p>\n
“They are moving in that direction but it can’t happen unless they let their exchange rate move too.” <\/p>\n
Domestic measures<\/span><\/p>\nHis comments come at a time when China is taking measures to boost domestic demand. <\/p>\n
On Friday, China Daily quoted Vice-Commerce Minister Zhing Shan as saying that not only would the government cut import tariffs, but it would also ease restrictions on importers. <\/p>\n
The vice-commerce minister was quoted as saying that an excessive trade surplus was not the goal of Chinese policy. <\/p>\n
He added that one of China’s goals was to maintain balanced trade. <\/p>\n
In a separate measure, the State Council recommended on Thursday that income tax should to be cut in order to give more disposable income to Chinese consumers and workers.<\/p>\n
China’s trade surplus was $6.5bn (\u00a34bn) in January. <\/p>\n<\/p><\/div>\n<\/p>\n
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