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Sino-US Economic and Trade Relations

Sino-US trade relations, which constitute an essential and dynamic part of the relations between China and the United States, are the firm foundation of the development of bilateral relation between two nations. The marked difference between two countries in resources composition, industrial structure and consumption level decides that the two economies are highly complementary and mutually beneficial. The development of economic and trade cooperation between the two sides enjoy great potentials and promises bright prospects.

China-US economic and trade relations have witnessed rapid progress since two countries established diplomatic ties in 1979. In the same year, the two government signed the bilateral Agreement on Trade Relations, in which most-favored-nation trade status was extended to each other on a mutually beneficial basis. In early 1980s, a series of industrial cooperation agreement were signed.

With the expansion of bilateral economic and trade exchanges, the scale of two-way trade and investment has also enlarged remarkably. According to statistics from the Chinese Customs, China –US bilateral trade in 2003 totaled 126.33 billion, of which Chinese exports to the US reached 52.1 billion, showing an increase of 24.2% over the previous year, and China’s imports from the US reached  23.36 billion, registering a growth rate of 14.8%.

Chinese imports from the United States include agricultural products, aircraft, power generation equipment, oil equipment, machinery and electronics, etc.; US imports from China include textiles and garments, footwear, toys, home appliances, general machinery tools, hardware, lighting products, furniture and so on. The United States is now the second largest trading partner and import source of China while China is the fourth largest trade partner of the US