Commerce Work Review of 2012,Series III :Record High China-US Trade close to US$ 500 billion
China-US economic and trade relations remain steady in 2012, and bilateral trade is expected to reach a record high of US$ 500 billion in 2012. US become China's largest export market.
1. High-level visits and trade and economic dialogues have laida foundation for bilateral economic and trade cooperation
The visit of Vice President Xi Jinping to US in February 2012deepenedthe important consensus on establishing a mutually beneficial cooperative partnership between China and US, and has expanded bilateral pragmatic cooperation in economy and trade. In March, President Hu Jintao met with US President Obama during the Nuclear Security Summit in Seoul, and the two parties reached important consensus on strengthening cooperation between China and US in all areas and on further promoting bilateral partnership. In November, Premier Wen Jiabao met with President Obama during the East Asia Summit in Cambodia, proposing again that the two countries should carry out a much larger package of cooperation in such areas as trade, investment, financing and infrastructure, and resolve conflicts and differences. The Fourth Round of China-US Strategic and Economic Dialogue and the 23th session of China-US Joint Commission on Commerce and Trade (JCCT) was held successfully in May and December respectively. And the two parties held a wide discussion at the 23th session of JCCT on issues of concerns, and much consensus was reached.
2. Bilateral trade was steadily up
According to statistics by Chinese Customs, China-US trade reached US$ 438.6 billion in January-November 2012, up by 8.2% year-on-year. Of which China’s imports from US were US$ 119.2 billion, and China’s exports were US$ 319.4 billion, up by 8.1% and 8.2%respectively. China’s trade surplus was US$ 200.3 billion, up by 8.3%year-on-year.
According to statistics by US Customs, China-US goods trade amounted to US$ 440.9 billion in January-October 2012,up by 6.5% year-on-year. Of which US imports from China were US$ 351.3 billion, and US exports was US$ 89.6 billion, up by 6.5% and 6.4% year-on-year respectively. US saw a trade deficit of US$ 261.7 billion, up by 6.6%year-on-year.
3. Two-way investment increased
US remains China’s largest source of foreign investment. In January-November 2012, the newly approved US-funded enterprises in China were 1180, down by 8.9%; and the utilized foreign investment were US$ 2.4 billion, up by 11.6% year-on-year. As of the end of November 2012, the actual investment by US reached US$ 70 billion. At the same time China’s investment in US kept increasing, and China’s non-financial direct investment in US reached US$ 1.1 billion. As of the end of November 2012, non-financial investment by Chinese enterprises in US totaled US$ 8.6 billion, with a wide range of investment covering various fields.
4. Fruitful results were achieved in China’s trade promotion and cooperation between China provinces and US states
Chinese Ministry of Commerce and related chambers and associations organized a Chinese business delegation to the US in February and July2012 respectively, and carried out trade and investment promotions in various states and cities of US, and had intensive contacts with representatives from US federal and local governments, parliamentary and business circles, which have played an effective role in promoting the stable development of China-US economic and trade cooperation. Exchanges and economic and trade cooperation between China provinces and US states have been increasing, and significant progress was made in establishing the Joint Working Group on Investment and Trade Cooperation between Chinese Provinces and California of US.
(All information published on this website is authentic in Chinese. English is provided for reference only.)