China-US economic cooperation goes local
Updated: 2013-04-17 01:19
By DING QINGFEN in Tianjin (China Daily)
China and the US are each other's second-largest trade partner.
In 2012, China-US trade reached $484.7 billion, close to 200 times the figure when the two sides established diplomatic relations.
China's cumulative outbound direct investment in the non-financial sector in the US reached $10 billion by the end of 2012, while cumulative US direct investment in China stood at $70 billion, according to the Ministry of Commerce.
"We have noticed imbalanced bilateral investment relations", said Li Yong, vice-chairman of the International Trade Research Institution of China.
"China's urbanization and industrialization has created huge potential for bilateral investment cooperation," said Li Yong.
China's outbound direct investment in the next five years is expected to reach as much as $500 billion. In the next five years, China will import commodities worth $10 trillion, and the nation's outbound tourists are projected to reach 400 million.
Li Yong said China's commitment to growth will create jobs and help to stimulate the US economy. "Each investment deal worth $1 million generates 16 to 17 job opportunities," he said.
But government officials and experts expressed their concern over US investment barriers.
Tianjin Mayor Huang Xingguo told the forum:"We really hope the US can remove its restrictions on investment proposals made especially by Chinese State-owned enterprises. We really want mutual trust and equal treatment".