Report emphasizes mutually beneficial nature of China-US trade

China Plus Published: 2017-05-25 20:31:53
Comment
Share
Share this with Close
Messenger Messenger Pinterest LinkedIn

Sun Jiwen, a spokesperson for the Ministry of Commerce, speaks during a regular press briefing in Beijing on May 25, 2017. [Photo: Mofcom.gov.cn]

Sun Jiwen, a spokesperson for the Ministry of Commerce, speaks during a regular press briefing in Beijing on May 25, 2017. [Photo: Mofcom.gov.cn]

China’s Ministry of Commerce has issued a new report on China-US economic and trade relations. In releasing the document, the ministry has reiterated that cooperation between China and the US is the only right path.

"The report provides data and examples in underlining the mutually beneficial nature of China-US trade and that globalization serves as a foundation for the deepening of those ties. World Trade Organization and bilateral trade rules provide legal protection for the trade. China-US trade cooperation is a natural product of both sides working to leverage their strengths and complement each other. It is also a product of international industrial specialization and optimal allocation of resources," said Sun Jiwen, a spokesperson for the Ministry of Commerce.

The report says China has become the largest export market for the US outside North America and that China-US trade accounted for more than 14% of China's trade volumes last year.

The report shows that over the past decade, the average growth rate of US exports to China was nearly three times the growth rate of US exports and twice the growth rate of China's exports to the US.

Also in 2016, Chinese investment into the US doubled the figure from 2015. The US currently ranks the fifth as a source of foreign investment in China. Regarding foreign investment, Sun said Chinese authorities remain committed to further encouraging foreign companies to come to China.

"I'd like to emphasize that China encourages foreign investment, including in advancing manufacturing sectors such as the auto industry. China will further open up these sectors in an orderly way. In late April, with the approval of the State Council, the Ministry of Industry and Information Technology, along with other relevant departments, issued guidelines on the mid- to long-term development of the auto industry, which stipulated that regulations on foreign investment should be perfected and the limits on foreign equity in joint ventures should be reduced," commented Sun. 

As trade relations grow, trade friction has also emerged between the two sides in certain industries. China's steel exports to the US have been a point of contention, with US authorities implementing a series of anti-dumping measures towards Chinese iron and steel products.

However, the report says the proportion of China's steel exports to the US is relatively small in the latter's total steel imports. According to the paper, in 2016, the volume and amount of steel exports of China to the US stood at 1.18 million tons and 1.7 billion dollars, representing year-on-year decreases of 51.5% and 40.1%, respectively.

The report has come after Chinese President Xi Jinping and his US counterpart Donald Trump met in Florida last month, when they agreed to a 100-day plan of China-US economic cooperation. The plan covers areas that include food, biosafety and financial services in China-US trade relations. 


Related stories

Share this story on

Most Popular