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| China highlights trade ties with the United States |
| CCTV.COM 2002-10-24 10:10:18 |
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While Chinese President Jiang Zemin is paying a state visit to the United States, businesspeople across the Pacific Ocean once again focus their attention on Sino－US economic and trade ties. A common voice in the two countries calls for further cooperation in promoting international economic prosperity and stability.
Figures released by the General Administration of Customs in the first half of the year show that China exported 30 billion US dollars worth of goods to its biggest export market, the United States, up almost 20 percent over the same period last year.
China is now the fourth largest trade partner of the US, and the US is the second largest trade partner of China and China's second largest source of imports, next to Japan.
Huang Weiping, professor in School of Economics, Renmin University of China, said, "For more than 20 years, we've seen an 18 percent annual growth rate in Sino－US trade. We say a great leap forward has been achieved in the trade cooperation between the two countries. "
Despite the slowing down of the US economy since the fourth quarter of 2000, Sino－US trade has maintained a good momentum. Statistics from Chinese customs show that bilateral trade grew by 21.2 percent in 2000 and 8.1 percent in 2001.
China's improving regulatory and business environment, and the abundant capital and highly advanced technologies of the US provide an ideal basis for mutually beneficiary exchange. Facing post－WTO period, China is becoming a destination of overseas investment.
To date, the US has remained China's largest overseas investor in terms of actual investment for four consecutive years. US companies have invested in major areas of China's economy, ranging from mechanics and metallurgy to electronics and telecommunications.
US investors have launched over 35,000 projects in China involving a total contractual investment of some 72 billion US dollars with nearly 37 billion already in use.
It is estimated that China will import 1.5 trillion US dollars worth of equipment, technology and products during the seven years from 1999 to 2005.
Following China's WTO membership, the US government has granted the status of permanent trade partner to China, removing the major block to trade between the two countries and laying a solid foundation for healthy bilateral trade.
The close economic and trade cooperation between China and the US is in the interests of not only two nations but two peoples as well. That will also surely strengthen the confidence of other countries' investors in implementing their investment strategies in the world's largest developing nation.
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Editor: Wang Chunyan CCTV.com
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