Home>>Business
Last updated at: (Beijing Time) Tuesday, October 22, 2002

Sino-US Trade Expected to Top US$90Bn by Yearend

Sino-US trade grows like a blowout, with a yearend trade volume expected to reach US$92 billion, up US$10 billion over that of 2001. A latest report released by a research institute under the Ministry of Foreign Trade and Economic Cooperation suggests that the US will replace Japan before 2005, becoming China's biggest trade partner.


PRINT DISCUSSION CHINESE SEND TO FRIEND


Sino-US trade grows like a blowout, with a yearend trade volume expected to reach US$92 billion, up US$10 billion over that of 2001. A latest report released by a research institute under the Ministry of Foreign Trade and Economic Cooperation suggests that the US will replace Japan before 2005, becoming China's biggest trade partner.

Starting from less than US$1billion in 1978, the Sino-US trade volume has increased by about 100 times in the past 25 years.

Qiu Xiaohua, deputy-director of the National Bureau of Statistics noted in an exclusive interview that the US has taken the second place among China's seven major trade partners. According to a preliminary forecasting, the total volume of China's imports and exports is expected to hit US$600 billion this year. If the bilateral trade between China and the US fulfills US$92 billion, the portion will make up one sixths of China's import and export total.

Qiu Xiaohua added that the Sino-US trade exerts a tremendous influence on China's economy. Under the current circumstances, the bilateral trade will produce a 0.2 points' growth of China's GDP. At the same time, the US economic development constitutes a clear impact on Sino-US trade. Some scholar estimated that China's exports to the US would increase by 10 percent provided the US economy grows by one percent.

By PD Online Staff Zhu Lizhen


Questions?Comments? Click here
    Advanced






China-US Trade and Economic Cooperation Sees Robust Growth

Figures: China's Trade in Jan-Aug



 


Historic Achievements Gained in China's Science and Technology ( 18 Messages)

Powell Expects Improvement of US-China Relations ( 25 Messages)

China May Have More PhDs Than the US in 2010 ( 3 Messages)

China's Oil Security Faces Tests of War: News Analysis ( 23 Messages)

Economist on China's Sustainable Economic Growth ( 5 Messages)

President Jiang's Trip will Advance Sino-US Ties: Officials ( 6 Messages)



Copyright by People's Daily Online, all rights reserved