China important factor driving US export: official

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Last updated at: (Beijing Time) Friday, November 07, 2003

China important factor driving US export: official

Chinese Vice Minister of Commerce Ma Xiuhong said Thursday that China is becoming an important factor driving US export.

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Chinese Vice Minister of Commerce Ma Xiuhong said Thursday that China is becoming an important factor driving US export.

Speaking at a conference on China-US relations sponsored by former US president George Bush, Ma said US exports to China rose by 15 percent in 2002, against the background of a 2.5 percent decrease in total US exports for that year. In the first eight months of this year, American exports to China surged 28 percent.

"There is a clear trend that China is becoming an important factor driving US export," she said.

China has been the fastest growing export market of the US in the recent two years. In 2002, China was the United States' 7th largest export market, and is likely to be the 6th largest this year, according to the Chinese Ministry of Commerce.

"I believe that, if the comparative advantages of American hi-tech products are brought into full play, and if US firms, especially the small and medium-sized ones, take a more positive attitude and aggressive actions in the Chinese market, US exports to China will continue to soar," Ma told US officials, scholars and business executives attending the conference at Texas A & M University in College Station, Texas.

The Chinese vice minister of commerce also told her audience that China is currently one of the world's largest markets. She cited a group of figures to support her statement:

-- In 2002, China's steel and cement consumption accounted for 25 percent and over 40 percent respectively of the world's total.

-- The length of expressways in China has reached 25,000 kilometers, the second longest in the world.

-- There are 450 million telephone users and more than 60 million Internet users in China, making it the No.1 and No.2 in the respective world markets.

-- From 1990 to 2002, China's total import was 1.9 trillion US dollars, with an annual increase of 14 percent, which is 5 percentage points higher than its gross domestic product (GDP) growth rates of the same period.

-- In the coming three years, China's total import will possibly exceed 1 trillion US dollars.

Ma said China has clearly set up the goal of establishing a well-off society in an all-round way in the next two decades and quadrupling its GDP of the year 2000 by 2020.

"In order to achieve this goal, China will continue deepening the reform, improving its market economic system, further opening up its market and strengthening economic and trade ties with countries and regions in the world," Ma said.

She assured her audience that a more dynamic and open China will be right in front of them.

"China, with a 1.3 billion population, rapid economic growth and stable development, will provide the world with enormous market potential and great opportunities for trade and investment cooperation," she said.

The four-day conference, China-US Relations: Past, Present and Future, opened Wednesday. It is co-hosted by Texas A & M University, the George Bush Presidential Library Fund and the Chinese People's Association for Friendship with Foreign Countries.

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