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1、The New Situation of Sino-U.S.Economic and Trade CooperationSINCE China and the U.S. officially establisheddiplomatic relations on January 1，1979，their trade ties havedeveloped rapidly. Bilateral trade increased from US $2.45billion to US$555 billion in 2014， a growth of more than220-fold. In additi
2、on， the scale and scope of cooperation haveburgeoned， the content of cooperation is increasingly rich，interdependency continues to tighten， and an integratedbenefit pattern has taken shape. The 36-year economic andtrade cooperation has turned the two countries into each other s second-largest trade
3、partners. Compared to 1979， bilateraleconomic and trade cooperation has undergone a qualitativeshift based on the enormous scale， and cooperation hasspread to various fields.Remarkable ProgressFrom 1979 to 1991， the U.S. government consolidatedcooperation between the two countries through developing
4、bilateral economic and trade cooperation. The twogovernments signed the Agreement on Sino-U.S. Economic andTrade Relations in 1979. China s reform and opening policy alsolaid a sturdy foundation for the sound development of bilateraltrade ties. However， since the trade ties began from a lowbase， tra
5、de volume was initially small. Although the averageannual growth during that period was 15.8 percent， it was notuntil 1998 that the volume exceeded US $10 billion. Moreover ，problems of stability also arose.The period from 1992 to 2001 ?C from the end of the ColdWar to just prior to Chinas accession
6、 to the WTO ?Cwas therapid development stage of Sino-U.S. economic and traderelations. In 1992， Deng Xiaopings Southern Inspection Tourtouched off Chinas process of reform and opening-up. Chinas leadership resolved to establish a socialist market economy，thus accelerating the pace of integration wit
7、h the globaleconomy. The intensive development of economic globalizationand a relatively stable political and economic environment hassince fostered trade ties. Trade value accordingly maintained apowerful momentum as， during that decade， bilateral tradewas US$484.6 billion， with average annual grow
8、th of 18.5percent.Since China joined WTO in 2002， expanding opening，ongoing competition and cooperation with the global economyhas provided the two countries with more capacity fordevelopment and greater opportunities. In 2014， the U.S.became Chinas largest market for exports and fifth-largestsource
9、 of imports， while China was Americas third-largestexport market and its largest source of imports.Win-Win the KeynoteMutual benefit and a win-win result is the foremostfeature of the Sino-U.S. economic and trade cooperation fromwhich both sides have benefited since the establishment ofdiplomatic re
10、lations， realizing a genuine winwin situation. TheU.S. has not only directly benefited from economic and tradecooperation with， and exports to and investment in China，but also reaped a huge dividend from China. China s exports tothe U.S. have also bestowed benefits on American consumers，especially m
11、iddle- and low-income earners. High-quality，affordable Chinese products have not only broadened Americanconsumption choices， but also constituted one influencingfactor holding the lid on inflation rates， notwithstanding thepressure of tremendous twin deficits.Research by the United States-China Busi
12、ness Council（USCBC） indicates that the large number of quality andinexpensive products that the U.S. imports from China areequal to an annual increase of US $1，000 in every familysdisposable income. Moreover， the ever-increasing economicand trade relations have spawned myriad job opportunities.From
13、2001 to 2010， American exports to China added morethan three million jobs. According to the USCBC 2014 annualreport， U.S. exports to China are beneficial in promotingAmericas transportation infrastructure， agriculturalproduction，electronic equipment， and chemical engineeringsectors. They further boo
14、st employment in port cities that shipgoods to China.China has also greatly gained from bilateral economic andtrade cooperation. In 2014，the bilateral trade in goods totaledUS $555 billion， with an annual growth of 5.4 percent，accounting for 12.9 percent of Chinas total export-importcargo volume. Ch
15、inas exports to America were US $396 billion，with a year-on-year growth of 6.4 percent， making up 16.9percent of Chinas total export cargo volume. Chinas importsfrom America were US$159 billion， with a yearly growth of 3.1percent， representing 8.1 percent of Chinas total importcargo volume. Chinas s
16、urplus in the commodity trade toAmerica reached US $237 billion， which was 62 percent ofChinas surplus in the commodity trade. Also， Chineseenterprises have rapidly increased investment in the U.S. inrecent years （see Chart 1）.The Sino-U.S. bilateral economy and trade are highlycomplementary， their
17、interdependency constantly grows，and areas of cooperation continually expand. As the worldslargest developing country and largest developed country，their economic and trade cooperation rests on a solid commonfoundation. The two countries so differ in levels ofdevelopment， production factors and indu
18、strial structure thatthis causes a strong complementarity in resources， market，funds and technology. As the product mix of bilateral trade（Charts 2 and 3） demonstrates， this yields more marginalincome through strengthened economic and trade cooperation.High-level economic communication is frequent，
19、andlocal economic and trade cooperation has achieved palpableactual effects. Sino-U.S. economic and trade cooperation is theballast for and thruster of bilateral ties， exerting a positivemultiplier effect on bilateral relations. Senior officials from bothsides pay due regard to bilateral economic an
20、d tradecooperation. During the recent Sino-U.S. summit， the twosides reached a consensus on continuing to craft a newrelationship paradigm between great powers， while affirmingthe importance that sets the economic relationship at the coreof bilateral ties， and indicating an orientation towardsexpand
21、ing and widening economic and trade cooperation. TheChina-U.S. Strategic and Economic Dialogue ?C a normalcommunication mechanism ?C has enabled both sides to attaina consensus and practical achievements in buttressingmacroeconomic policy coordination and cooperation，deepening cooperation in trade a
22、nd investment， andpromoting international cooperation and global governancereform， as well as accelerating financial stability and reform.Furthermore， four joint work groups have been set upunder the framework of the Joint Work Groups for Trade andInvestment between Chinese Provinces and U.S. States
23、. Thesegroups establish contacts among governments， enterprisesand personnel， helping all exploit mutually beneficial newfields via the respective strengths of each. This cooperativemechanism has tightened and diversified Sino-U.S. economicand trade relations， and become a major platform for further
24、promoting enterprise cooperation in the two countries.Dissonance in the main theme of economic and tradecooperation generates trade friction， however. Along with thedevelopment of bilateral economic and trade cooperation，Sino-U.S. trade friction also frequently emerges. The “337Investigations” prese
25、nt a case in point. From 1972 to 1985，the U.S. launched 239 cases of “337 Investigations” and noChinese enterprise was involved； 1986 to 1995 saw 143initiated， of which three entailed Chinese companies； of the177 cases from 1996 to 2005， a total of 43 Chinese companieswere implicated. Throughout the
26、 2006-2013 period， Chineseenterprises embroiled in such investigations remained at a highlevel. Both sides also harbor grievance over such issues as tradeimbalances， the RMB exchange rate， the technology deficitand the financial crisis.Widening Cooperation SpaceCooperation is in general the leitmoti
27、f of Sino-U.S. tradeties；however， both nations still need to address such sundryissues as trade imbalances， trade protectionism andintellectual property disputes. As regards swelling bilateraltrade， widening the integration of interests， and promotingstable and sound trade ties， governments and ente
28、rprises onboth sides have much room for improvement.Expanding multilateral and bilateral trade and economicties and spurring the conclusion of trade and investmentagreements is imperative， as is broadening and deepeningeconomic and trade cooperation. Under the multilateralframework， China has not on
29、ly actively participated in theongoing negotiation of agreements on environmental goods，government procurement and information technology， butalso exerted great efforts to implement the Agreement onTrade Facilitation. At the bilateral trade level， China and theU.S. are negotiating an investment agre
30、ement based onpre-investment national treatment and the negative list. This isa significant reform of Chinas foreign capital managementsystem. The conclusion of the agreement will lift bilateral ties toa new high. Enterprises in the two countries that engage ineconomic and trade cooperation will enj
31、oy more preferentialpolicies and better legal protection.Bilateral economic and trade cooperation will bestrengthened by high-level dialogue and joint commission onbilateral economic and trade. In recent years， high-leveldialogue mechanisms such as the China-U.S. Strategic andEconomic Dialogue and S
32、ino-U.S. Joint Commission onCommerce and Trade have been crucial to reinforcinginter-governmental communication， enhancing mutual trust，and controlling disparities， as well as deepening collaboration.In the future it is imperative to further give full play to thesalutary function of the exchange and
33、 cooperation mechanism；the two governments should treat all kinds of enterprisesimpartially in the course of investment reviews and fulfill theircommitments on market economy status. Relevant negotiationsand constructive achievements will propel a balanced andmutually beneficial development of bilat
34、eral economic andtrade cooperation.Cooperative foundation will be solidified by deepeningcooperative mechanism between Chinese provinces and the U.S.states. The Chinese government and Chinas enterprises willrespond to the“going global”strategy and the“Select U.S.A.”initiative， making full use of the
35、 China International Fair forInvestment and Trade and the China-U.S. Governors Forum，for which investment promotion will be actively launched. Thiswill render the cooperative mechanism between Chineseprovinces and U.S. states a major platform for boostingpragmatic cooperation among the two nations enterprises.
