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 | Wednesday, April 26, 2000, updated at 15:37(GMT+8) | ||||||||||||
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Sino-US Trade is Highly ReciprocalOn the 87th session of "China Export Commodities Fair", which is being held in Guangzhou, Chen Xinhua, Vice Minister of Foreign Trade and Economic Cooperation of China said, "Sino-US trade is highly reciprocal. The USA has taken the place of Japan, becoming the biggest export market of China since last year."At a high-level "Symposium on US Retailers' Industry and Chinese Enterprises", the Vice- Minister remarked that US was the largest developed country in the world while China the biggest developing one. They were highly reciprocal in the field of trade and economic cooperation. Last year's statistic shows that the USA has become the biggest export market of China. In the past it used to be the Japan that had been ranked first in China's export. According to the statistic of China's Customs, the trade volume between China and US hit US$61.5 billion, rising by 12% as compared with that of last year. American investment projects in China added up to 28,000, which occupied 8.4% of foreign investment projects in China, ranking the third in investing countries. Chen says that to strengthen economic cooperation between the two countries is a win-win strategy. China's export to US concentrates on products of light and textile industries and electric household appliance of good quality and cheap price while China's import is focused on some high-tech communication or electronic products. The Sino-Us trade is developed on the basis of mutual respect and mutual benefits. Chen also points out that the bilateral agreement reached on Nov 15 last year between the two countries on China's accession to WTO conforms to the common interests of the people of both countries.
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