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China's Imports from US Up Sharply
China's imports from the United States increased by 17.9 percent in the first six months of this year, higher than its average import growth rate of 14.0 percent.
Figures released by the General Administration of Customs show that China imported 12.513 billion U.S. dollars worth of U.S. commodities in January-June this year, accounting for 10.75 percent of the country's total imports in the period, which stood at 116.43 billion U.S. dollars.
Machinery, audio and video products and their accessories remained the major category of commodities China bought from the U. S., valued at 5.274 billion U.S. dollars. Other major categories of imported goods from the U.S. included optical instruments, medical equipment, fertilizer, agricultural products, automobiles and aircraft.
The imports that increased by a big margin included agricultural products, optical instruments, medical equipment and machinery.
Trade analysts say the main reason for the imports surge was a strong growing Chinese economy that generated huge market demand. In addition, China has increased imports of some specific U.S. commodities according to bilateral agreements with the United States.
The analysts predicted that China's overall imports, including those from the United States, will continue to increase in the remaining months of this year.
Meanwhile China's exports to the United States shrank evidently because of the economic slowdown in the United States. In the first half of this year, China exported 25.027 billion U.S. dollars worth of goods to the U.S., up only 6.0 percent. This contrasts sharply with a growth rate of 30.4 percent scored in the same period last year.
U.S. investment in China also rose remarkably in the first six months of this year. China approved a total of 1,225 new U.S.- invested companies in the period, up 1.49 percent. The amount of U. S. investment in contractual volume reached 3.708 billion U.S. dollars, up 17.5 percent. Actual U.S. investment for the period surged 42 percent to 1.951 billion U.S. dollars.
An official from the Ministry of Foreign Trade and Economic Cooperation said that surging trade between China and the United States benefits both countries. China's imports of goods, technologies and services helped the country upgrade its industrial structure and technological advancement. And U.S. companies profited from their exports and investments.
Experts say China and the United States each have their own advantages in terms of labor, capital, technology and market. As China is to join the World Trade Organization soon, they should work jointly and push bilateral trade and economic cooperation to a higher level.
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