electronic Global Trade Credit Platform/eGTCP's Blog: Statistics Show Close U.S.-China Trade Ties, See How You Make Money from It?

The world economic and trade cooperation is a bridge of communication, a bilateral trade think-tank seminar held yesterday in Des Moines, China-U.S. important people attended the meeting. Hong Lei, Consul General of China's Chicago, pointed out at the meeting that the most dynamic and lasting driving force behind China-U.S. relations is the most important bilateral relationship in the world.

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GOODS TRADE

Statistics show China-U.S. trade volume has grown from 2.5 billion U.S. dollars in 1979 to 524.3 billion dollars in 2016, a rise of 209 times, according to Hong.

Since China's accession to the WTO, U.S. exports to China in 2016 has been up 500 percent from 2001, while U.S. global exports during the same period only grew by 90 percent.

Currently, China is the largest export market of American aircraft and soybeans, and the second largest market of American automobiles, integrated circuits and cotton. Among U.S. exports, 62 percent of soybeans, 17 percent of automobiles, 15 percent of integrated circuits, 14 percent of cotton and some 25 percent of Boeing aircraft are sold to China, he said.

SERVICE TRADE

From 2006 to 2016, the service exports of the United States to China expanded from 14.4 billion dollars to 86.9 billion dollars, a rise of 5 times, Hong said.

In 2016, the U.S. trade surplus with China in services reached 55.7 billion dollars, 40 times the amount of 2006.

As for tourism, according to the Chinese Ministry of Commerce, Chinese tourists spent some 13,000 dollars in the U.S. per person in 2016, far more than the tourists from other countries. In 2016, Chinese tourists spent a total of 35.22 billion dollars in the U.S., creating about 97 million dollars of revenue for the U.S. per day.

EDUCATION

The United States is Chinese students' top destination for studying abroad. According to a report published by U.S. Immigration and Customs Enforcement in May 2016, there were some 353,000 Chinese students studying in the U.S., accounting for 34 percent of the total number of international students in the U.S., said Hong.

According to the estimates of the Chinese Ministry of Commerce, Chinese students studying in the U.S. spent about 45,000 dollars per person in 2016, contributing around 15.9 billion dollars of revenue to the U.S., he said.

INVESTMENT

U.S.-invested enterprises in China have maintained good performance and gained high profits. Sales revenue in 2015 totaled 517 billion dollars, and profit reached 36.2 billion dollars, Hong said.

At the meantime, Chinese investment in the U.S. is growing rapidly. By the end of 2016, the accumulative total of Chinese foreign direct investment in the U.S. reached around 109 billion dollars, covering such sectors as services, manufacturing, real estate, hospitality, information and communication technology, entertainment and financial services.

Nearly 98 percent (425 of 435) of congressional districts in 46 states hosted Chinese-owned establishments. The total number of Americans employed by Chinese-owned companies exceeded 141,000, and most of them work in the manufacturing sector, Hong said.

In recent years, China has become an important cooperator with U.S. From Hong’s speech. China is the United States' largest export market outside North America, and is also one of the fastest growing major export markets of the United States.

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