Today, with the deepening of economic globalization and the widespread existence of international production, the connotation of bilateral economic and trade relations has long exceeded the trade of goods, and it also includes other services such as service trade and bilateral investment. China and the United States have different national conditions, different levels and stages of development, and their characteristics in foreign economic and trade exchanges are also different. The development of economic and trade relations between the two countries has reached mutual benefit and win-win cooperation. This is the periodically characteristic of human society’s development and the international trade law and market economy environment.
It should be noted that with the rapid development of China-US economic and trade relations, the United States has obtained a large number of business opportunities, such as cross-border investment and entering the Chinese market. It played an important role in US economic growth, consumer welfare, and economic structural upgrading.
In terms of trade in goods, inexpensive Chinese goods have reduced the consumption expenditure of the American people and helped reduce the inflation rate in the United States. China is a huge and fast-growing market. The rapid growth of exports has brought a lot of business opportunities to American companies and created a large number of employment opportunities for the United States. China has undertaken the production links of American companies, enabling the United States to invest more resources such as capital into innovation and management. The development of high-end manufacturing and modern service industries will drive the industry to upgrade to higher value-added and high-tech fields.
From the service trade data, the United States has a significant advantage in service trade, and the benefits are even more apparent. The United States is the source of the biggest deficit in China’s service trade, and the deficit has expanded rapidly.
In the field of bilateral investment, the United States has also benefited a lot. On the one hand, China’s investment in the United States is mainly concentrated in the manufacturing industry, which has created a large number of jobs for the United States. According to estimates by the US-China Trade National Committee, China invested in the United States in 2015 have created 140,000 jobs for the United States. On the other hand, US investment companies in China have made a lot of profits. According to the US Department of Commerce’s Bureau of Economic Analysis, the sales of US-funded enterprises in China reached US$481.4 billion in 2015, much higher than the US$25.6 billion in sales of Chinese-funded enterprises.