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China seeks balanced trade, investment with U.S.

Staff Writer |
China is willing to work with the United States to realize balanced development of trade and investment, a research report by the Ministry of Commerce (MOC) said.

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"Looking into the future, China is willing to make joint efforts with the United States to encourage Chinese enterprises to participate in U.S. infrastructure construction, further open up markets, promote two-way investment and advance bilateral investment treaty negotiations to further strengthen China-U.S. trade and economic cooperation at local levels," said the Research Report on China-U.S. Economic and Trade Relations.

China will also consider increasing imports from the United States in agricultural products, energy, high-tech products and services, to increase the total benefits while realizing a balanced development of trade and investment, according to the report.

Both China and the United States benefit from trade and economic cooperation.

China has maintained a trade surplus in goods, but the United States has also gained tangible benefits.

China is the U.S. largest export market outside North America, and an important export destination for soybeans, cotton, aircraft, automobiles and integrated circuits. In 2016, the United States had a trade surplus in agricultural products of $16.4 billion.

Over the past 10 years, the average growth rate of U.S. exports to China was nearly three times the growth rate of U.S. exports as a whole, and twice the growth rate of China's exports to the United States.

The United States has maintained a long-term surplus in service trade.

In 2016, it exported 51 movies to China, receiving revenue of $16 billion. Chinese tourists and students in the United States spent more than $51 billion.

With respect to investment, U.S.-funded enterprises in China have maintained good performance and gained high profits.

Sales revenue in 2015 totaled $517 billion, and profit reached $36.2 billion.

Investment from Chinese enterprises in the United States is growing rapidly. Chinese investment projects have taken place in 46 states and 425 congressional districts, creating over 140,000 local jobs.

According to the U.S.-China Business Council, in 2015, U.S. exports to China and China-U.S. two-way investment contributed $216 billion to the U.S. GDP, and supported 2.6 million local jobs.

China has made relentless efforts in recent years to balance China-U.S. economic and trade relations, the report said.

China has frequently dispatched trade and investment delegations to participate in trade and investment promotion activities in the United States.

In February 2012 and September 2015, two large Chinese delegations visited the United States and signed trade, investment and cooperation agreements across all sectors, totaling about $44 billion.

China has been addressing the specific concerns of the U.S. enterprises through the China-U.S. Joint Commission on Commerce and Trade.

Since 2004, the two sides have strengthened policy communications through dialogue and consultation and great progress has been made in several areas, including antitrust law enforcement procedures, exports of agricultural products to China, software legalization, and access to China Compulsory Certification (3C) services of foreign-funded enterprises.

Moreover, China has been vigorously promoting trade and economic cooperation between Chinese and U.S. cities, and has been actively building exhibition platforms to expand imports from the United States.

The report called on the United States to give China fair treatment in export and investment issues.

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