Sino-US trade relations, which constitute an essential and dynamic part of the relations between
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