国内英语新闻:Chinese official says China-U.S. trade is win-win game

While overall U.S. exports dropped 17.9 percent in 2009, exports to China hardly decreased. Many U.S. manufacturing firms have found comfort in the Chinese market as a shelter against the global financial storm.

"On the other hand, good value-for-money, labor-intensive goods imported from China have helped keep the cost of living down for Americans even when they become increasingly cash-strapped," said Zhong. "Without consumer goods from China, the U.S. price index would go up an extra two percentage points every year."

He insisted that the renminbi exchange rate is not the key to addressing China-U.S. trade imbalance.

According to the Chinese government, from 2005 to 2008, the renminbi appreciated by 21 percent against the U.S. dollar but China's trade surplus with the U.S. increased by 20.8 percent annually.

Since 2009 the renminbi exchange rate has remained basically stable, but China's surplus with the U.S. has fallen by 16.1 percent.