The trade volume has grown against the trend, and the essence of Sino-US economic and trade relations is mutual benefit and win-win results.
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Despite the new crown epidemic, Sino-US trade volume has bucked the trend and increased by 8.8% in 2020.
Whether it is from the perspective of domestic economic development or from the perspective of promoting the recovery of the world economy, it is important for China and the United States to strengthen cooperation.
Sino-US economic and trade relations are not a "zero-sum game" where you lose and we lose. Sino-US cooperation can completely achieve win-win results.
In 2020, the total value of bilateral trade between China and the United States reached 4.06 trillion yuan, an increase of 8.8%-this set of data allows people to see that despite the new crown epidemic, the volume of Sino-US trade has risen against the trend, showing unprecedented "resilience" .
This was provided to the outside world by Li Kuiwen, the spokesperson of the General Administration of Customs and Director of the Statistics and Analysis Department at a press conference held by the State Council Information Office of China on January 14.
A day later, the US-China Business Council and the Oxford Economic Research Institute jointly released a report called "US-China Economic Relations."
The main author of the report and chief economist of the Oxford Economics, Erics Markle, said that the key message that this report wants to convey is that trade and investment are not "zero-sum games". Both the US and Chinese economies can Benefit from bilateral trade and investment flows.
The report estimates that between 2018 and 2019, the economic cost of the US for Sino-US economic and trade frictions accounted for about 0.5% of the US gross domestic product (GDP), which is approximately US$108 billion at 2020 prices.
The Sino-US economic and trade friction once caused the United States to lose 245,000 jobs, and each family lost $675 in income.
In 2019, exports to China supported 1.2 million jobs in the United States.
In terms of investment, US companies invested 105 billion U.S. dollars in China in 2019, which has garnered a lot of benefits and promoted US companies to enhance their competitiveness.
In this regard, the report points out that a healthy Sino-US economic and trade relationship can benefit the United States, and cutting tariffs on China will benefit the US economy and create job opportunities.
It is reported that the US-China Business Council is a non-governmental, non-profit organization whose members are US member companies involved in business with China, including Coca-Cola and many other large international companies and other small US companies.
The report also predicts that if the two countries gradually cut tariffs, the United States will add 145,000 jobs by 2025, and real GDP will increase by US$160 billion in the next five years.
Conversely, if Sino-US economic and trade frictions continue to escalate, the United States may face loss of jobs or as many as 732,000 jobs within five years, and an average household income reduction of $6,400.
Regarding this report, Chen Fengying, former director of the Institute of World Economics of the China Institute of Contemporary International Relations, said in an interview with the media that the report focuses on the future and draws an important conclusion: Sino-US trade can achieve a win-win situation. China's economic decoupling will not benefit the United States.
On January 15, press spokesperson Zhao Lijian stated at a regular press conference of the Ministry of Foreign Affairs, "We have also taken note of this report."
Zhao Lijian said that this report fully illustrates that the essence of Sino-US economic and trade relations is mutual benefit and win-win results.
"We hope that the U.S. will listen carefully to domestic rational voices, meet China halfway, and create a favorable atmosphere for the healthy development of China-U.S. economic and trade cooperation so as to better enhance the common well-being of the two peoples."
In recent years, some US politicians have set up obstacles to Sino-US economic and trade cooperation and even politicized it. This not only seriously harms the interests of the Chinese and American people, but also brings great harm to the world.
At this point, American companies are clearly "sober" than those politicians.
According to a survey report issued by the US-China Business Council, more than 90% of US companies believe that China's market demand and profitability are more stable, and have no intention to withdraw from the Chinese market. They oppose the "decoupling" of Sino-US economic and trade relations.
At the same time, according to "China Daily", in the field of bilateral investment, in addition to physical enterprises, US capital has also changed from "stride" to "acceleration" into the Chinese market.
International financial giants represented by Wall Street have invested a record US$212 billion in foreign capital in China's stock and bond markets in 2020.
According to a recent survey by HSBC Qianhai Securities, nearly two-thirds of more than 900 institutional investors and large companies worldwide plan to increase their investment in China by an average of 25% this year.
In fact, in 2020, trade between China and almost all major trading partners is booming.
In 2020, China's annual total import and export value of goods trade reached RMB 32.16 trillion, an increase of 1.9% over 2019.
China is the only major economy in the world that will achieve positive growth in trade in goods in 2020.
This year, the total import and export volume between China and its two largest trading partners, ASEAN and the EU, rose 7% and 5.3% respectively.
The "US-China Economic Relations" report believes that China will play an important role in promoting the global economy.
In the next ten years, China will drive one third of global economic growth.
Therefore, for the United States, the importance of access to the Chinese market is increasing.
On January 20, the new president of the United States will be sworn in.
Facing the future Sino-US economic and trade relations, the whole world is paying close attention.
From the perspective of analysts, whether it is from the perspective of domestic economic development or from the perspective of promoting world economic recovery, it is essential that China and the United States strengthen cooperation.
Sino-US economic and trade relations are not a “zero-sum game” where you lose or lose. Sino-US cooperation can achieve win-win results. Removing trade barriers and resisting protectionism will help rebuild Sino-US relations and benefit both the two countries and the world economy.
Zhao Xiaozhan