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Premier Wen elaborates Chinese positions on exchange rates, investment environment


Premier Wen elaborates Chinese positions on exchange rates, investment environment

Chinese Premier Wen Jiabao addresses the 6th China-European Union Business Summit in Brussels, capital of Belgium, Oct. 6, 2010.[Xinhua] 

BRUSSELS-- Visiting Chinese Premier Wen Jiabao has elaborated China's positions and perspectives on various issues, including the Chinese yuan appreciation and the investment environment, at the sixth China-Europe Business Summit and other occasions.

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 At the business summit held Wednesday, Wen said China's trade surplus was explained by the specific structures of the economies involved in international trade instead of the exchange rate of the yuan.

"The trade issue should not be politicized. It is an issue of the (trade) structure," the premier said.

He said China was never in pursuit of trade surplus, but in pursuit of balanced and sustainable trade.

The world will by no means benefit from an appreciation of the yuan by 20 percent to 40 percent -- as the U.S. has demanded -- because it will damage the Chinese economy, and the Chinese economy contributed about 50 percent of the global economic growth last year, according to him.

Wen urged the European entrepreneurs not to pressure China on the yuan's appreciation, saying China "will stick fast to the exchange rate reform. We will gradually allow more flexibility in the yuan exchane exchange rate."

He assured European investors of a good investment environment in China, saying China would stick to its reform and opening up policies

He said foreign businesses operating in China will enjoy the same national treatment as Chinese enterprises do on issues related to intellectual property, independent innovation, and government procurement.

Also on Wednesday, Premier Wen attended the 13th China-EU Summit, co-chaired by him, European Council President Herman Van Rompuy and European Commission President Jose Manuel Barroso.

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