《China-U.S. Trade Relations》.doc

China-U.S. Trade Relations 程洁 08英语3班 Globalization has driven up international trade and transnational direct investment, leading to accelerated flow of resources on a global scale and increasing interdependence of all the countries in the world. In the globalized economy, China and the United States are increasingly interdependent, with the stability and growth of their economies holding the balance for the world economy. The United States is the biggest developed country in the world. China is the biggest developing country. Both countries are major driving forces in the globalization process. Chinas economy has been growing continuously and rapidly for three decades since the beginning of reform and opening-up. This allows it to serve as an important engine for the prosperity in the Asia-Pacific region and for the growth of world economy. In 2006, US GDP was 11.4 trillion dollars and Chinas was 2.65 trillion dollars. The World Bank statistics show that between 2003 and 2005, the US economic growth contributed to 29.8% of world GDP growth, ranking first, while China contributed to 13.8%, ranking second. Chinas contribution to world GDP growth in 2007 is estimated at 16%. Economic stability and growth in China and the United States is of great significance to the economic growth and prosperity of the whole world. Both China and the United States have significant influence in the world. China-US relationship has become one of the most important state-to-state relationships. Economic and trade ties are part and parcel of China-US relationship. Based on the apparent economic complementarity and the broad basis for cooperation, China-US economic cooperation and trade have developed rapidly. This is an interdependent, mutually beneficial and win-win relationship that will help both countries to develop together. In 2007, China-US trade hit a new record of 302.08 billion dollars, which was over 120 times as much as the trade volume when the two countries es