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Second, China's export of good quality but affordable commodities to the US has not just promoted China's economic growth, but also met the needs of American consumers and saved them lots of money. A total of over 600 billion dollars have been saved in the past 10 years, according to one estimate. One study by the US-China Business Council shows that trade with China has boosted economic growth and lowered inflation rate for the US, and that this means an increase of around 1,000 dollars in real disposable income per US household annually.


Third, investment by Chinese companies in the US has helped to create many local jobs. Just to cite one example, when the China Ocean Shipping Company (COSCO) started direct service to the Port of Boston in 2002, it not only saved the Port from being closed down and but also kept 9,000 jobs.


Fourth, the China business has become the highlight of growth for many American companies. For some, their China operation has been the only business generating profits. According to AmCham-China's 2010 White Paper on the State of American Business in China, 71% of US companies operating in China made profits in 2009 and 91% are optimistic about the prospect in the next five years. Taking General Motors for example, it filed for bankruptcy in 2009 in the US, but its sales in China went up by 67%, making China its second biggest overseas market.


Given the fact that our business ties are growing so fast in so many areas on such a large scale, problems and frictions are hardly avoidable. What is important is to address them properly through dialogue and consultation. For some time, there are some in the US who believe that the trade imbalance between us is caused by the under-valued exchange rate of the RMB. As a matter of fact, the root cause of the trade imbalance is the structural differences in trade and investment, rather than the RMB exchange rate. It is precisely the result of international division of labor and industrial transfer in the era of globalization.


China does not seek trade surplus. China has a surplus in trade of goods, but runs a deficit in trade of services. China has a surplus in trade with the US and Europe, but runs a deficit in trade with Japan, Republic of Korea and ASEAN countries. The majority of China's export to the US are labor-intensive, low value-added consumer goods. Many of them are no longer produced in the US. Even if the US does not import them from China, it will have to buy from other countries. Appreciation of the RMB will not solve the issue of trade imbalance for the US, nor will it noticeably reduce the US unemployment rate. From 2005 to 2008, the RMB has appreciated by 21.1% against US dollar, but the US trade deficit continued to grow during this period. This proves that the RMB exchange rate is not the cause of trade imbalance. Nevertheless, China will further advance the reform of its exchange rate regime, but external pressure can only be counterproductive.


We stand for a comprehensive approach to ease the trade imbalance between China and the US. Both sides will be losers should a trade war or currency war break out. In my view, it is of vital importance for us to cooperate in the following three areas:

重点单词   查看全部解释    
counterproductive [,kauntəprə'dʌktiv]


adj. 反生产的;使达不到预期目标的

exchange [iks'tʃeindʒ]


n. 交换,兑换,交易所
v. 交换,兑换,交

regime [rei'ʒi:m]


n. 政体,制度
n. 养生法(=regime

participate [pɑ:'tisipeit]


vt. 分享
vi. 参加,参与

scale [skeil]


n. 鳞,刻度,衡量,数值范围
v. 依比例决

coordination [kəu'ɔ:di'neiʃən]


n. 协调

highlight ['hailait]


n. 加亮区,精彩部分,最重要的细节或事件,闪光点

bankruptcy ['bæŋkrəptsi]


n. 破产

beneficial [.beni'fiʃəl]


adj. 有益的,有利的

protection [prə'tekʃən]


n. 保护,防卫