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            october 19, 2019

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US-China trade rises 208-fold from 1979-2016


Trade volume between China and the US rose from US$2.5 billion in 1979 to $524.3 billion in 2016, a 208-fold increase, Chinese Consul General in Chicago Hong Lei told the US-China Think Tank Symposium in Des Moines, Iowa, according to Shipping Gazette.
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.
Over the past decade, the average annual growth rate of US exports to China reached 11 per cent, higher than not only the four per cent average growth rate of US total exports over the same period, but also the 6.6 per cent average growth rate of China's exports to the United States during this period, he said.
Since China's accession to the WTO, American exports to China in 2016 were up 500 per cent compared to 2001, while US global exports during the same period only grew 90 per cent. China has become an important overseas market for many US products, especially bulk agricultural products and high-end finished products.
Mr Hong said in 2016, the US exported 440 aircraft to China worth $12.5 billion; 33.66 million tons of soybeans worth $13.8 billion; 255,000 automobiles worth $12.1 billion; $9.7 billion of integrated circuits; and 260,000 tons of cotton worth $500 million, reported Xinhua.
With regards to the trade in services, from 2006 to 2016, exports of US services to China expanded from $14.4 billion to $86.9 billion, a rise of five times, Mr Hong said.
In 2016, the US trade surplus with China in services reached $55.7 billion, 40 times the amount recorded in 2006.
Moving to investments, Mr Hong said US-invested enterprises in China have maintained good performance and gained high profits. Sales revenue in 2015 totalled $517 billion, and profit reached $36.2 billion.
In 2016, the total revenue of US-funded banks, insurance and security companies amounted to $48 billion; and the total revenue of US-funded accounting firms, law firms and consulting firms exceeded $19 billion, he said.
Chinese investment in the US is growing rapidly. According to a report published by the National Committee on United States-China Relations and Rhodium Group, in 2016, Chinese enterprises invested $45.6 billion in the US, a 200 per cent increase from the previous record set in 2015.
By the end of 2016, the accumulative total of Chinese foreign direct investment in the US reached $109 billion, covering such sectors as services, manufacturing, real estate, hospitality, information and communication technology, entertainment and financial services.

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