NBC: Overall last ten years have seen China's fastest economic growth, thanks in part to the benign international environment and trading system. With due respect, Premier Wen, in your last year of office, if you would have one thing that you are allowed to do to rebalance the US-China economic relationship that can create American jobs, for example, in keeping with the award bestowed to you recently in Boston by the International Longshoremen's Association, then what's it that you would like to do? Would you consider for example reforming China's trade regime that some American critiques say distorts global competition in China's favor?
Wen: Recently, the International Longshoremen's Association in the US gave me the Award of Best Friend of the American Workers. Although I am the recipient of the award, I would rather see this award as a strong example showing that the business relations between China and the US are of mutual benefit.
You asked me if there is but one thing that I can do to ease the trade imbalance between China and the US, what steps will I take? As a matter of facts, I have been thinking about this matter for a long time. In 2009 and 2011, I had a thorough exchange of views with President Barack Obama of the U.S. about this topic. I believe if we are to ease the trade imbalance between the two countries and resolve the difficulties and frictions in the business ties between China and the U.S., we still need to rely on cooperation. For that purpose, I have set out to the U.S. side a package proposal that suggests the two countries embrace stronger business, financial and investment cooperation. The main content of my proposal is as follows: first, we need to further enhance two-way trade between China and the US. The Chinese side is prepared to buy more from the US and the US needs to ease its restrictions on related exports of goods to China. Second, the two countries should work together to increase mutual investment. Both sides need to create favorable conditions for mutual investment and reach an early agreement on investment protection. Third, we need to enhance cooperation in high-tech fields, covering new materials, new energy resources, energy conservation, environmental protection and aviation so that we can open up new dimensions for China-US cooperation. Fourth, we need to enhance our cooperation in infrastructural development and at the same time we should bring it in line with our financial cooperation. That means China will make investment in the infrastructural construction in the US. And that will help contribute to the generation of local jobs. I believe that measure is of mutual benefit.
President Obama has taken my proposals very seriously and competent authorities of the two sides are studying this matter. I believe that cooperation between China and the U.S. is always better than confrontation. As long as we continue to move in the right direction, the business ties between china and the US will enjoy sustained and sound growth.
With respect to your question concerning the possible reform of China's trading system, I would like to make three points. First, on the balance between imports and exports of China, I would like to tell you that in 2011 the current account surplus of China accounted for 2.8% of its GDP that is below the 3% level that is the internationally recognized as appropriate. That is a demonstration that our balance of international payments, in particular in trade in goods, is approaching a basic equilibrium. Second, on the RMB exchange rate which I know is of high interest to the US side, since we launched the reform of RMB exchange rate formation mechanism in 2005, the real effective exchange rate of the Chinese currency has appreciated by about 30%. I would like to draw your attention to such a phenomenon. Since September last year, the RMB exchange rate has experienced two-way fluctuations on the Hong Kong NDF market. That shows that the RMB exchange rate may possibly have reached an equilibrium level. We will press ahead with the reform of the RMB exchange rate formation mechanism, and in particular we welcome a greater two-way fluctuation of the Chinese currency exchange rate. Third, we will continue to participate actively in the Doha round of negotiations. We will continue to support free trade and oppose protectionism.
注：无本金交割远期外汇交易(non-deliverable forward－NDF )是一种离岸金融衍生产品，交易双方基于对汇率的不同看法，签订非交割远期交易合约，确定远期汇率、期限和金额，合约到期时只需将远期汇率与实际汇率的差额进行交割清算，与本金金额、实际收支毫无关联。