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U.S. needs to ease control of high-tech products to China: ambassador

(Xinhua)

11:19, November 20, 2011

NEW YORK, Nov. 18 (Xinhua) -- The United States needs to ease its control of high-tech products to China to advance trade and investment, Chinese Ambassador to the U.S. Zhang Yesui said here Friday.

Speaking at the first China General Chamber of Commerce-U.S.A Annual Gala, Zhang told business leaders from both countries that U.S. exports to China, which accounted for less than 7 percent of China's total imports, was not compatible with the status of the overall bilateral relationship and China's demand.

"The question is: To what extent is the U.S. ready to fully utilize the potential Chinese market?" Zhang said.

In Zhang's opinion, the rapidly expanding domestic consumer market in China was a great opportunity for U.S. exporters.

According to research results, consumption in China would be growing at a fairly fast pace in the next five years and total imports were expected to reach more than 8 trillion U.S. dollars as the Chinese government intensified efforts to expand domestic demand.

"This will provide further opportunities to farmers, manufacturers and workers in the U.S. and other parts of the world," Zhang said.

But U.S. exports to China were growing slowly, and the proportion of U.S. high-tech products in China's overall high-tech imports had been declining considerably, from 18.3 percent in 2001 to only 7.1 percent in 2010.

"If the U.S. had been able to maintain its 18.3 percent share in 2010, it would have meant an increase of 46 billion dollars to its exports to China," Zhang said.

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