Deficit result of low savings, high consumption

BEIJING - A top government policy adviser has said the value of the Chinese currency is not the reason for the US trade deficit, and that Washington should restructure its economy if it wants to improve its trade balance.

"The yuan's value is not the cause of the US deficit, which is actually caused by its defective economic structure," Xia Bin, economist and counselor of the State Council, told China Daily on Tuesday.