Exports to China called vital for U.S.

Updated 2017-09-08 09:00:36 China Daily

Business council report comes after Washington probe, threat to cut trade

Booming U.S. exports to China are vital to the U.S. economy and nearly all congressional districts, according to a report released on Wednesday by the U.S.-China Business Council.

The report was released at a time of serious concern about bilateral trade after the United States announced two weeks ago a Section 301 investigation into China's intellectual property policies and practices and a threat by U.S. President Donald Trump this week to cut trade with any country doing business with the Democratic People's Republic of Korea.

The business council's report shows that 432 out of 435 congressional districts have seen triple-digit growth in exports of goods and services to China since 2006.

The value of U.S. goods and services exports to China is significant for the districts, the report said. China was a top three goods export market for 263 districts in 2016, and among the top five for 358 districts. China was the top services export market in 2015 for 93 congressional districts and a top five market for 399 districts.

The 448-page Congressional District Export Report concludes that U.S. exports to China are vital to U.S. economic growth.

China was the third-largest export market for the U.S. in 2016, trailing Canada and Mexico, the report said. Total U.S. goods exports to China stood at 3 billion in 2016.

The exports of U.S. services to China are becoming significant. In 2015, the most recent complete year available, those exports reached billion, making China also the third-largest services export market. From 2006 to 2015, U.S. services exports to China shot up more than 400 percent, compared with 76 percent to the rest of the world.

The report said exports continue to play an essential role in the U.S. economy and job growth. U.S. goods exports to China come from a wide range of industries like transportation equipment, agriculture, computers and electronics, and chemicals. These exports also sustain logistics jobs in U.S. ports and throughout the country. U.S. services exports to China in 2015 included travel and education, royalties, transportation, business and professional services, and financial services.

The report noted the huge potential given that U.S. goods accounted for only about 8.4 percent of the Chinese mainland's total imports in 2015, trailing the European Union, Republic of Korea, Japan and Taiwan. The U.S. had a 10 percent share in 2000.

While the report called on the Trump administration to pursue results-oriented engagement with China designed to address some of the trade and non-trade barriers, it said the U.S. should push forward negotiations with China on a high-standard bilateral investment treaty.

Talks on the treaty advanced rapidly in the latter years of the Obama administration. But there has been no sign that the Trump administration will continue the talks anytime soon.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58October 20 2017 05:50:34

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16October 20 2017 05:50:34

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18October 20 2017 05:50:34

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords