Bloomberg Press reported on October 6th that the Chinese market is valued at US $150 billion in yearly sales to American firms after exports and other operations in the country are totalled up. This renders it in the top ten of all markets for US companies. Specifically, “U.S. companies have experienced tremendous commercial success in China’s market and the prospects for future growth are significant,” said Erin Ennis. He is the vice president of the U.S.-China Business Council.
His organization is underscoring the recorded successes and future chances that the Chinese market offers to rebut complaints from US Congressmen. The House of Representatives has passed legislation that pressures China to boost its currency's value. Members of the Democrats including Linda Sanchez of California actually assert that the U.S. is now in a trade war with China.
The mainland is the third-largest export market with US$ 69.5 billion in U.S. sales in 2009. As for goods and services by American multinational companies, that figure has inreased to US$ 98.4 billion, over four times the 2000 level, said the Washington-based group. Its clients are U.S. companies in China, e.g. Citigroup Inc. and Caterpillar Inc.
It adds that some of the multinationals’ sales derive from components exported from China that end up in items reltailed in China. Therefore, the $150 billion is its estimate of the net benefit. It is half the amount of Chinese exports to the U.S. in 2009. No similar estimate of U.S. sales by Chinese companies that have invested in the U.S. was provided.
Also, the the House of Representatives voted 348-79 on September 29 to let US companies petition for duties on imports from China to off set the impact of a weak yuan. The Senate had not weighed in yet.
Beijing has a $145 billion trade surplus with the U.S. That is more than its deficit with the next seven- largest partners combined. Along side the sag in American manufacturing jobs, the under valued yuan, plus this year’s congressional elections, cause lawmakers to examine the commercial relationship.
Ennis was to testify regarding the US Trade Representative's annual hearing on China's compliance with its promises when it joined the World Trade Organization in 2001 along side agents for potato farmers, software companies and steelmakers. He also noted Chinese policies that penalize American firms. These span government-procurement rules that prioritize Chinese-made products and regulations that hurt US producers of solar and wind technology.
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