China-US trade to hit US$200b mark this year
By Fu Jing (China Daily)
Updated: 2005-11-17 06:19

China-US trade will be worth US$200 billion by the end of this year and is expected to soar to US$300 billion by 2010.

This is a massive jump from 1978 when trade between the two countries was worth just US$2.5 billion. Last year that figure was US$159.6 billion.

This year's estimate was made by Jin Xu, a senior official with the Ministry of Commerce, at a conference on relations between the two giant countries.

He said: "China's highest leaders have shown political commitment that will help realise this goal."

Despite the large numbers involved, not everyone is happy.

Prior to his visit to China on Saturday, US President George W. Bush urged China to provide a level playing field for US businesses seeking access to China's market.

Jin admitted that there was a trade imbalance between China and the US, saying China is taking active measures to shorten the deficit.

He added that the deficit was mainly caused by the US' strict export regulations on high-tech products to China.

As deputy general director of the department of American and Oceanic Affairs, Jin was confident that economic and trade ties between China and the US will be further strengthened.

The commitment will push bilateral trade volume to reach US$200 billion at the end of this year, up from the January-October figure US$172.3 billion, Jin forecast.

And he also quoted Premier Wen Jiabao, who expects trade to soar to US$300 billion by 2010 as the two sides improve co-operation measures.

The increased political commitment will result in "huge market potential" for investors and businesses in the two countries, said Jin.

Referring to limits on high-tech imports to China from the US, Jin said in 2004 the EU exported US$5.5 billion worth of such products to China, a year-on-year rise of 63.3 per cent.

Such imports from the US reached just US$2.5 billion, down by 10.6 per cent from 2003.

(China Daily 11/17/2005 page10)