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2014 Business Review XII: Develop Cooperation and Win-win China-U.S. Trade and Economic Relations
  

2014 marked the 35th anniversary of the establishment of China-U.S. diplomatic relations. China-U.S. trade and economic cooperation continued deepening and developing. Bilateral trade and investment maintained steady growth and the high-level trade and economic dialogue mechanism was constantly improved with rich achievements. Bilateral trade and economic relations moved forward to equality and mutual benefit and win-win cooperation.

I. The successfully meeting between the two heads of state guided the direction of China-U.S. trade and economic cooperation.

In November 2014, U.S. President Barack Obama came to China to attend the APEC informal leaders鈥meeting and visited China. Chinese President Xi Jinping and his U.S. counterpart successfully held a meeting in Beijing. They reached important consensus on continuing working on constructing a new pattern of relationship between the two countries, confirmed the importance of economic relations being regarded as the core of bilateral relationship and showed the way for the two countries to deepen and expand trade and economic cooperation.

II. The scale of bilateral trade and investment was constantly expanded.

In January-November 2014, bilateral trade between China and the United States enjoyed rapid development and the trade volume reached US$502.5 billion, with an increase of 6.4% year on year. The two countries had become the second largest trade partners to each other. The United State was China鈥檚 largest export market and the fifth largest import source and China was the third largest export market and the largest import source of the United States.

Bilateral investment increased rapidly. By the end of November 2014, the investment projects of the United States in China surpassed 64,000 with an actual input of US$7.522 billion. The United States was the fourth largest foreign capital source of China. At the same time, trading enterprises and non-trading enterprises set up by China in the United States were increasing. In January-November 2014, the non-financial direct investment of Chinese enterprises in the United States reached US$4.64 billion with an increase of 27.1%. By the end of November 2014, various kinds of investment of Chinese enterprises in the United States amounted for more than US$38.5 billion and the United States had become the third largest destination of foreign direct investment of China.

III. The 25th China-U.S. Joint Commission on Commerce and Trade was successfully held

As one of the earliest established high level trade and economic dialogue mechanisms between the governments of the two countries, the China-U.S. Joint Commission on Commerce and Trade has played an irreplaceable role in expanding bilateral trade and economic cooperation and maintaining the stable development of China-U.S. trade and economic relations since its establishment in 1983. On December 16-18, 2014, the 25th China-U.S. Joint Commission on Commerce and Trade was successfully held in Chicago, the United States. Chinese Vice-Premier Wang Yang jointly presided over the meeting with U.S. Secretary of Commerce Penny Pritzker and Trade Representative Michael Frohman. This Joint Commission is not only the specific action to implement the consensus reached by Chinese President Xi Jinping and his U.S. counterpart President Barack Obama in November in Beijing, but also the last hurrah of the bilateral relations. China and the United States conducted in-depth discussions on such topics as export control, intellectual property, innovation policies, two-way investment, competition policies, approval of drugs and medical equipment, opening of the service industry, trade of agricultural and forest products and aviation cooperation, further enhanced understanding and reached multiple consensus and achievements.

Both sides conducted reform on the 25th Joint Commission, held a series of cooperative activities and discussions on strategic topics during the period of the Joint Commission, invited business circles to participate in some activities and provided face-to-face communication opportunities for business people and government officials of both sides. The Joint Commission highlighted the feature of commercial cooperation and played a positive role in expanding bilateral trade and economic cooperation platforms.

IV. The 6th Round of the China-U.S. Strategic and Economic Dialogue obtained positive achievements.

On July 9-10, 2014, the 6th Round of the China-U.S. Strategic and Economic Dialogue was successfully held in Beijing. Special Representative of Chinese President Xi Jinping, Vice-Premier of the State Council Wang Yang, State Councilor Yang Jiechi, Special Representative of U.S. President Barack Obama, Secretary of State John Forbes Kerry and Treasury Secretary Jacob Lew jointly presided over this round of dialogue. During this economic dialogue, both sides conducted in-depth discussions focusing on the topic of 鈥減romoting win-win China-U.S. economic relations with mutual respect鈥and reached 87 positive and practical achievements in such fields as strengthening coordination and cooperation of macroeconomic policies, deepening cooperation in trade and investment, international cooperation and global governance reform and promoting stability and reform of finance.

V. The cooperation between provinces, states and cities of China and the United States was just unfolding.

In 2014, trade and economic cooperation between provinces, states and cities of China and the United States continued in-depth development. In June 2014, the Ministry of Commerce led the four provinces of Hebei, Jilin, Liaoning and Heilongjiang to sign the memorandum of understanding with Iowa, the United States and set up the 鈥淛oint Working Group of Trade and Investment Cooperation between Chinese Provinces and Iowa, the United States鈥 In September, Jiangsu, Shandong, Fujian, Sichuan and Tianjin signed the memorandum of understanding with Texas, the United States and set up the 鈥淛oint Working Group of Trade and Investment Cooperation between Chinese Provinces and Texas, the United States鈥 During the 25th China-U.S. Joint Commission on Commerce and Trade, representatives from the eight cities of Beijing, Shanghai, Tianjin, Shenyang, Wuhan, Hangzhou, Qingdao and Chengdu visited Chicago, held the luncheon party themed on the trade and economic cooperation between cities of China and the United States to negotiate and cooperate with each other and seek common development. Both sides would further expand trade and economic cooperation between provinces and states of China and the United States.

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