MOC: Trade, investment with China benefit US

MOC: Trade, investment with China benefit US [Photo / Xinhua]

China is not the sole beneficiary of Sino-U.S. economic relations, said Sun Jiwen, spokesperson of China's Ministry of Commerce (MOC).

Economic relations with China have brought substantial benefits to the United States, creating jobs and profits for U.S. businesses, Sun said at a press briefing Thursday.

He noted that exports of goods from the United States to China had risen by an annual average of 11 percent in the past decade, making China its fastest-growing export market outside North America.

From 2001 to 2016, U.S. exports of services to China increased 15 fold, with the U.S. service trade surplus rising 29 fold, he said.

In addition, trade and investment with China supported roughly 2.6 million jobs in the United States in 2015, said Sun, citing statistics from the US-China Business Council.

As of the end of 2016, non-financial investment in the United States by Chinese enterprises amounted to around 50 billion U.S. dollars, which provided nearly 100,000 jobs across 44 states, according to Sun.

U.S. investment in China has also benefited American firms, 90 percent of which were profitable, as shown by a US-China Business Council survey last year.

Sino-U.S. trade volume grew from 2.5 billion dollars in 1979 to about 520 billion dollars in 2016, while mutual investment exceeded 170 billion dollars by the end of 2016.