Rice says China should address trade imbalances

US Secretary of State Condoleezza Rice called on Beijing to address the "structural imbalances" in trade with the US, saying China must act responsibly and follow the rules of the international economy. The US deficit with China in 2004 was US$162bn, the largest recorded with a single country. Vice Premier Wu Yi said that Beijing will watch the situation, but said trade between the two countries was "complementary rather than competitive". China and the US use different trade figures: the US counts Hong Kong re-exports as Chinese exports, which China does not just as China does not count exports made by mainland-based American companies.