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The US economy has benefited significantly from China's entry into the WTO

Date: 2021-12-13
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Washington, Dec. 12 (Xinhua) -- The US economy has benefited significantly from China's entry into the WTO

This year marks the 20th anniversary of China's accession to the World Trade Organization. Over the past 20 years, China has faithfully fulfilled its WTO commitments. China's economy is highly integrated with the global economy. China's development dividend has benefited the world, and the US economy as well.

The United States has benefited significantly from China's accession to the WTO, which is reflected in the exponential growth of ITS trade and investment with China over the past 20 years. In 2001, China was the 11th largest destination for U.S. exports. Last year, China was the third largest destination for U.S. exports, the data show. According to a report released by the US-China Business Council in September, US companies' sales in China reached 392.7 billion US dollars in 2018, more than 20 times that in the early 2000s.

The US has benefited significantly from China's accession to the WTO, as evidenced by the continued growth of China-Us trade, which has created a large number of jobs in the US and the contribution of Chinese companies in the US to local employment. According to the 2020 Business Survey report on Chinese Companies in the US released by the China General Chamber of Commerce in the US, as of 2019, member companies directly employed about 220,000 people in the US and indirectly supported more than 1 million jobs across the country. Chinese companies in the US have brought economic benefits to the US by increasing local procurement, leasing of houses and production equipment, and creating or saving jobs. At the same time, the establishment of offices and factories by Chinese companies in the US has created a lot of business opportunities and helped local companies gain new opportunities and more sources of income.

One excuse used by the US to provoke economic and trade frictions with China is that its trade deficit with China causes us workers to lose their jobs. But there is no factual basis for this claim. Figure, professor of economics at the university of Illinois institute of technology, told xinhua reporters that the United States the main reason for reducing the number of manufacturing jobs in the United States in the beginning of the 21st century has experienced the robot technology, artificial intelligence and information, etc. New technology revolution, the government also does not have a effective policy response, resulting in a large number of traditional manufacturing job losses.

The United States has benefited significantly from China's accession to the WTO, as evidenced by the fact that increased Chinese exports to the United States have benefited American consumers. Statistics from Forbes magazine show that Goods imported from China accounted for 19 percent of all us imports in 2020, the highest among all US trading partners. Other statistics show that 'Made in China' has long been an indispensable part of the daily life of American families. Each American family can save $850 per year by using Chinese products, significantly lowering the cost of living.

The United States has benefited significantly from China's ACCESSION to the WTO, as well as China's commitment to opening its market and improving its business environment, which has instilled greater confidence in American businesses in China. Us companies remain confident about investing in China despite china-us economic and trade frictions and the COVID-19 pandemic, according to a survey released by the American Chamber of Commerce in Shanghai in September. Of the 338 US companies in China surveyed, nearly 60% increased their investment in China in the past year, and more than 80% expected revenue growth this year.

A us-China Business Council report released in September concluded that China's accession to the WTO is positive for the United States and the world. The report says China has been opening up its market in recent years, especially in areas such as financial services. At the same time, China has strengthened protection of intellectual property rights, improved approval procedures for foreign investment, and pushed forward reforms in other areas to provide a better business environment for foreign companies, including US companies.

 


 


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