| China reports May trade surplus up 73 percent at US$22.5 billion |
BEIJING, June 11 (AP) -- China's monthly trade surplus soared 73 percent in May from a year ago, a state news agency reported Monday, amid U.S. pressure on Beijing for action on its yawning trade gap or face possible sanctions.
Exports exceeded imports by US$22.5 billion (£á16.9 billion), the Xinhua News Agency said, citing data from China's customs agency. That figure, close to the all-time record high monthly surplus of US$23.8 billion reported in October, came despite repeated Chinese pledges to take steps to narrow the gap by boosting imports and rein in fevered export growth.
The report gave no details of imports or exports.
The U.S. government has been pressing Beijing for action, especially steps to raise the value of the Chinese currency. Critics say the yuan is kept undervalued, giving Chinese exporters an unfair advantage and adding to the country's growing trade gap.
Several U.S. lawmakers are calling for legislation to impose punitive tariffs on Chinese goods if Beijing fails to act.
Beijing is trying to reduce dependence on exports by encouraging China's consumers to spend more, which would increase imports and narrow the trade gap. But they have had only limited success, with exports still growing much faster than domestic retail sales.
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