View

China, US have much to share

(China Daily)
Updated: 2011-01-20 07:56

Trade frictions between the United States and China have escalated since Barack Obama became US president. But 40 years of trade relations have proved that the two countries are important trade partners, and bilateral trade has been mutually beneficial, says an article in Jiefang Daily. Excerpts:

China has mostly exported to the US inexpensive but good quality daily commodities, which meet the demands of the market. These goods have helped relieve inflationary pressure in the US and supplemented its structural adjustment and economic development.

On the other hand, US exports to China have risen at quite a high speed. Statistics show that China is one of the top export partners of the US. Without the fast increase in exports to China, it would have been hard for the Obama administration to think of doubling US exports in five years.

Besides, the huge amount of US Treasuries that China holds has helped the US economy and boosted the world economy's recovery from the global financial crisis.

China is undergoing unprecedented modernization, for which it needs huge amounts of civil technology and equipment as well as clean and alternative energy, creating room for US companies to make billions of dollars.

If the US government deregularizes sale and transfer of high-tech to China, large and medium-sized US companies can get a bigger chunk of China's burgeoning market.

China and its people alone will not benefit from China's reform. The US and its people too stand to benefit from it.