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People's Daily Online>>Foreign Affairs

Xinhua Insight: Shanghai Communique: where Sino-U.S relations start (3)

By Xinhua writers Lu Qiuping, Xu Xiaoqing, Ji Ming and Wu Yu (Xinhua)

08:31, February 28, 2012

INTERDEPENDENT TIES

In accordance with the Communique, both sides agreed to boost economic relations based on equality and mutual benefit and to facilitate bilateral trade.

In 1979, right after the two countries established diplomatic relations, 3,000 boxes of Coca-Cola were shipped from Hong Kong to Beijing for sale, which was deemed as a milestone for the beginning of Sino-U.S. trade.

So far, there have been 41 Coca Cola plants in the Chinese mainland, with nearly 50,000 jobs created, said David Brooks, president of Coca-Cola Greater China and Korea.

"Total investment of the company in China has reached 5 billion U.S. dollars, and the number will be increased to 9 billion, eyeing huge profit potential in China's rural area," Brooks said.

Today, China-U.S. trade has grown over 180 times than the volume in 1979. Over the past 10 years, U.S. exports to China have increased by 468 percent and created more than 3 million jobs for the United States. Up to 47 out of the 50 U.S. states have seen three-digit or even four-digit growth in their exports to China.

Chinese companies have also expanded their businesses to the U.S., creating numerous jobs.

On the sideline of Xi's visit two weeks ago, China sent six business-promotion delegations consisting of more than 500 Chinese business leaders to visit 11 cities across the U.S. The delegations signed as many as 149 contracts and cooperation agreements worth 38.6 billion dollars, including deals of purchasing U.S. goods and equipment with a total value of 27 billion dollars.

Dan Steinbock, an American researcher with the Shanghai Institute for International Studies, considered the commercial relations between China and U.S. businesses as a "win-win game."

"China needs technology and know-how. America needs jobs and capital," he said.

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