Far from capitulating to this new 【thrust】 of American trade policy, Japan is taking a stand that could lead to a trans-Pacific confrontation.

Measures to reduce costs are beginning to 【take effect】.

A business tax cut is needed to 【spur】 industrial investment.

wanted to go out, but I had no money. I had no 【alternative】 but to stay at home.

A key element of his economic program is the 【promotion】 of free trade and investment.

Speculators deserted the security and big yields afforded by the 【equity】 and money markets

Trade and investment liberalization will aggravate the competition on the 【domestic】 and international markets.

Passage 1China is now reaching for the next rung on the economic ladder. Last fall Beijing agreed to open its markets to more U. S. goods, including everything from Polaroid film to automobiles. In return, Washington would support China's membership in the General Agreement on Tariffs and Trade. Membership in this club, which includes all the world's leading economies, could provide a huge boost for a low-wage export economy. Already though, China's commercial strength is starting to worry competitors. Last year China's trade surplus surged, buoyed by exports of toys, textiles and consumer electronics. Its trade surplus with the United States hit a record $18 billion. Only Japan's was larger. With the U.S. Congress due to consider the renewal of China's most-favored nation trade status in June, officials in Beijing fear the trade imbalance could surpass human rights as a source of U.S. opposition to preferred status for China. "The trade surplus itself will be the No.1 problem this year, "says one Chinese official "After Japan, we'll be first in line for retaliation."Statements:42.China's trade surplus, mainly from exports of toys, textiles and consumer electronics, decreased last year.

Passage 1China is now reaching for the next rung on the economic ladder. Last fall Beijing agreed to open its markets to more U. S. goods, including everything from Polaroid film to automobiles. In return, Washington would support China's membership in the General Agreement on Tariffs and Trade. Membership in this club, which includes all the world's leading economies, could provide a huge boost for a low-wage export economy. Already though, China's commercial strength is starting to worry competitors. Last year China's trade surplus surged, buoyed by exports of toys, textiles and consumer electronics. Its trade surplus with the United States hit a record $18 billion. Only Japan's was larger. With the U.S. Congress due to consider the renewal of China's most-favored nation trade status in June, officials in Beijing fear the trade imbalance could surpass human rights as a source of U.S. opposition to preferred status for China. "The trade surplus itself will be the No.1 problem this year, "says one Chinese official "After Japan, we'll be first in line for retaliation."Statements:43.The strategy of opening markets to more U. S. goods is adopted by Chinese leaders in the hope of obtaining Washington's support in winning back China's membership in GATT.

Passage 1China is now reaching for the next rung on the economic ladder. Last fall Beijing agreed to open its markets to more U. S. goods, including everything from Polaroid film to automobiles. In return, Washington would support China's membership in the General Agreement on Tariffs and Trade. Membership in this club, which includes all the world's leading economies, could provide a huge boost for a low-wage export economy. Already though, China's commercial strength is starting to worry competitors. Last year China's trade surplus surged, buoyed by exports of toys, textiles and consumer electronics. Its trade surplus with the United States hit a record $18 billion. Only Japan's was larger. With the U.S. Congress due to consider the renewal of China's most-favored nation trade status in June, officials in Beijing fear the trade imbalance could surpass human rights as a source of U.S. opposition to preferred status for China. "The trade surplus itself will be the No.1 problem this year, "says one Chinese official "After Japan, we'll be first in line for retaliation."Statements:44.China became the country which held the largest trade surplus with the U. S. last year.