Economic and trade cooperation has contributed to the economic growth of the United States and lowered the inflation level of the United States. According to a joint study by the US-China Trade Commission and the Oxford Research Institute, US imports from China boosted US GDP by 0.8 percentage points in 2015; US exports to China and bilateral investment in China contributed US GDP by US $216 billion, raising US economic growth by 1.2 percentage points; and US biotechnology from China boosted US GDP by 1.2 percentage points. Cheap commodities have lowered consumer prices in the United States, such as by 1-1.5 percentage points in 2015. The low inflation environment provides a larger space for us to implement expansionary macroeconomic policies.
A large number of job opportunities were created for the United States. According to the U.S. -China Trade Commission, U.S. exports to China and bidirectional investment in China and the United States supported 2.6 million jobs in the United States in 2015. Among them, China's investment in the United States spread across 46 states, creating more than 140,000 jobs in the United States, mostly in manufacturing.
It has brought tangible benefits to American consumers. Bilateral trade has enriched consumers'choices, reduced their living costs, and increased the real purchasing power of the American people, especially the middle and low income groups. In 2015, Sino-US trade saved an average of $850 per household annually, equivalent to 1.5 per cent of American household income, according to a study by the National Council on Trade with China.
It has created a lot of business opportunities and profits for American enterprises. China is a huge and fast-growing market, and Sino-US economic and trade cooperation provides a lot of business opportunities for American enterprises. In terms of trade, according to the U.S. -China Trade Commission's "State Export Report to China 2017", China is one of the top five export markets of goods in 46 U.S. states in 2017, China is one of the top five export markets of services in all 50 U.S. states in 2016, and every American farmer exports to China on average in 2017. The product is more than 10 thousand dollars. From the perspective of investment, according to the statistics of the Ministry of Commerce of China, in 2015 U.S. enterprises realized sales revenue in China of about 517 billion US dollars, profits exceeded 36 billion US dollars; in 2016 sales revenue of about 60.8 billion US dollars, profits exceeded 39 billion US dollars. The joint venture of the three largest US automakers in 2015 totaled 7 billion 440 million US dollars. In 2017, US passenger cars sold in China amounted to 3.04 million, accounting for 12.3% of China's total passenger vehicle sales. GM alone has 10 joint ventures in China, accounting for 40% of its global production in China. Qualcomm's chip sales and licensing fees in China accounted for 57% of its total revenue, while Intel's revenue in China (including Hong Kong) accounted for 23.6% of its total revenue. In the 2017 fiscal year, Apple Corp's Greater China revenue accounted for 19.5% of its total revenue. As of January 2017, 13 U.S. banks had branches in China and 10 U.S. insurance companies had insurance companies in China. As strategic investors of Chinese financial institutions, American financial institutions such as Goldman Sachs, Express, Bank of America and Metropolitan Life have all made considerable investment returns. According to the statistics of China Securities Regulatory Commission (CSRC), 70% of the total amount of initial listing and refinancing in China is made by American investment banks as main underwriters or co-principal underwriters. American law firms have set up about 120 representative offices in China.
It promoted American industrial upgrading. In the economic and trade cooperation with China, American multinational corporations enhance their international competitiveness by integrating the advantages of the two countries'factors. Apple Corp designs and develops mobile phones in the US, assembled in China and sold in the global market. According to Goldman Sachs'2018 study, if Apple moved all its production and assembly to the United States, its production costs would rise by 37%. From the perspective of technical cooperation, U.S. companies sell and invest in China, enabling these companies to enjoy China's cloud computing and artificial intelligence applications, so that their products better adapt to the changing global market. China has taken over the production links of American enterprises, enabling the United States to invest more capital and other elements of resources in innovation and management, concentrating on the development of high-end manufacturing and modern services, driving the upgrading of industries to higher value-added and high-tech areas, reducing the domestic energy consumption and environmental protection of the United States. Pressure has promoted the overall competitiveness of the country.
Generally speaking, Sino-US economic and trade cooperation is a win-win relationship, not a zero-sum game, from which American enterprises and citizens get tangible benefits. Some Americans claim that the "American loss theory" is untenable.
Sino-US economic and trade exchanges are of huge scale, rich connotation, wide coverage, and involve multiple subjects. It is inevitable that some contradictions and differences will arise. The two countries should take a comprehensive view of the overall situation and proceed from safeguarding the strategic interests of the two countries and the overall situation of the international order so as to properly handle differences while reserving differences and resolve contradictions pragmatically. However, the current U.S. government has made a series of stigmatized accusations against China such as "economic aggression", "unfair trade", "theft of intellectual property rights" and "state capitalism" by issuing the "301 Investigation Report on China", seriously distorting the facts of Sino-US economic and trade relations and ignoring the enormity of China's reform and opening up. Achievements and the hard work and sweat of the Chinese people for this purpose are not only disrespect for the Chinese government and the Chinese people, but also disrespect for the real interests of the American people, which will only lead to increased differences, escalation of friction and ultimately damage the fundamental interests of both sides.
To objectively understand and evaluate the balance of bilateral trade between China and the United States, we need to make a comprehensive and in-depth study, not just look at the balance of trade in goods. China does not deliberately pursue the trade surplus.