The development of Sino-US economic and trade relations goes hand in hand with the process of reform and opening up. It started with the beginning of reform and opening up, and also deepened with the advancement of reform and opening up. In the 30 years since the establishment of diplomatic relations between China and the United States in 1979, the economic and trade relations between the two countries have overcome various difficulties and obstacles and moved forward despite the waves. At the same time, they have become the "booster" and "cornerstone" for the comprehensive development of Sino-US relations, pushing Sino-US relations towards the ultimate goal. The direction that serves the interests of the two peoples continues to move towards a new level.
If Comrade Xiaoping’s “Southern Tour” speech in 1992 and China’s accession to the World Trade Organization are taken as the dividing point, the development of Sino-US economic and trade relations in the past 30 years can be divided into three stages
The first The first stage, from 1979 to 1991, was a stage of steady development. Bilateral trade volume increased from US$2.4 billion in 1979 to US$14.2 billion by the end of 1991, an increase of nearly five times in 12 years. China has always been in a goods trade deficit position. At this stage, bilateral economic and trade relations were dominated by trade in goods. Although the number of U.S. direct projects with China increased from 102 in 1986 to 694 in 1991, the actual amount used hovered around US$300 million per year. Judging from the political environment at that time, the Cold War had not yet ended, and the development of Sino-US trade and investment played a positive role in promoting the reform and opening up process and China's exchanges with the world.
The second stage, from 1992 to 2001, was a stage of rapid development. Deng Xiaoping's speech during his southern tour marked the entry of my country's reform and opening up into a new historical stage. The 14th National Congress of the Communist Party of China was convened and clearly proposed the construction of a socialist market economy. Bilateral trade volume increased from US$17.5 billion in 1992 to US$80.5 billion in 2001. Since 1993, there has been a trade surplus between China and the United States. U.S. direct investment has made breakthrough progress. The number of U.S. investment projects in China jumped from 694 in 1991 to 3,265 in 1992. The actual investment amount exceeded US$500 million. In 2001, the actual amount of US investment in China exceeded US$4.4 billion. . During this period, the United States took advantage of China's need to "return to customs" and "join the WTO" to continuously put pressure on China, demanding that China comprehensively reform its trade and investment system and open its market.
The third stage, from 2002 to the present, is a stage of rapid development. China has joined the World Trade Organization and fully fulfilled its commitments. China's economy has become more comprehensive and in-depth integrated into the world economy, and has established an important position in the global industrial division of labor chain. Sino-US economic and trade relations have gradually expanded from trade in goods to services, investment, economic and technological cooperation and other fields of economic life. Bilateral trade increased from US$97.2 billion in 2002 to US$302.1 billion in 2007, with an average annual growth rate of more than 27%. In 2007, the Sino-US trade surplus reached US$175.8 billion. According to U.S. statistics, the growth of U.S. exports to China during this period was five times the growth of U.S. exports to other parts of the world. China jumped from the ninth largest export market in the United States to the fourth largest export market. From January to June 2008, bilateral trade continued to rise despite the severe test of internal and external situations, reaching US$158.3 billion, a year-on-year increase of 12.6%. The United States remains China's second largest trading partner and export market.
As the scale of bilateral trade continues to expand, the structure of China’s exports to the United States has also been optimized to a certain extent. From primary products and labor-intensive products with low technology content accounting for a large proportion, it has gradually transformed into mechanical and electrical products. Dominant. In recent years, China's main exports to the United States include organic electronics, textiles, steel products, furniture, bedding, toys, shoes and boots, plastic products, etc.; China's main imports from the United States include organic electronics, audio-visual equipment, aerospace vehicles, optics, photographic medical equipment, and plastic products. , cotton, oil seeds, organic chemicals, wood pulp, waste paper and cardboard, etc. Among them, the import and export of electromechanical audio-visual equipment and spare parts play a decisive role in bilateral trade, accounting for about 45% of total exports to the United States and 36% of total imports from the United States.
In terms of bilateral trade in services, according to statistics from the U.S. Bureau of Economic Analysis, in 1992, the total bilateral trade in services between China and the United States was only US$2.63 billion. By 2006, it had grown to US$18.15 billion, an increase of nearly 7 times. Except for a few years, bilateral trade in services has generally shown a rapid growth trend. The United States' absolute advantage in the service industry has caused China to have a service trade deficit that is gradually expanding. In 2006, the bilateral services trade deficit was US$3.65 billion, seven times that of the end of 1992.
China's imported services are mainly concentrated in the fields of education, business, professional services, communications, insurance and finance, while its exported services to the United States are mainly concentrated in the fields of tourism and transportation.
In the field of two-way investment, China and the United States have also conducted fruitful cooperation. In 2007, the United States invested in 2,627 projects in China, with an actual investment of US$2.62 billion. By the end of 2007, the U.S. had a total of 54,838 investment projects in China, with an actual investment of US$56.58 billion. China has become one of the main sources of overseas profits for American companies. A recent survey by the American Chamber of Commerce in China shows that 84% of U.S. companies in China are profitable, 88% of companies have increased operating income in 2007, 65% of companies have increased profits, 77% of companies have increased their market share in China, and 1/4 of companies have increased their market share in China. Hua's total revenue exceeds US$100 million.
In addition, the number of trading and non-trading companies established by China in the United States is also growing. By the end of 2007, Chinese companies in the United States had completed contracting projects with a cumulative turnover of US$4.42 billion and completed labor cooperation contracts with a value of US$2.04 billion. billion dollars. In 2007, as approved or registered by the Ministry of Commerce, China's non-financial foreign direct investment in the United States amounted to US$290 million, with a cumulative investment of approximately US$1.25 billion. The scope of investment enterprises is wide, involving various fields such as industry, technology, clothing, agriculture, catering, food processing, tourism, transportation and contracting