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OPINION: China-U.S. trade reached a record high despite rising tensions, according to U.S. official data released on Tuesday. The latest figures show the relations between the two nations remain to be win-win, and issues like a balloon cannot change the nature of the ties.
Imports and exports between the world’s two biggest economies totaled $690.6 billion in 2022, according to data from U.S. Commerce Department. Mutual reliance is evident between China and the U.S. in the on-the-ground trade reality.
The U.S. needs the Chinese market, which has a rising middle class with massive domestic consumption capacity. The value of merchandise exports to China climbed to an all-time high of $153.8 billion. China is also the largest market for U.S. agricultural exports.
China needs the U.S. market, which has one of the largest export markets for both high-quality and low-cost products made in China. The U.S. import of inexpensive products helps China to reduce its industrial production overcapacity, and these low-cost Chinese goods have contributed to lower U.S. inflation over several decades.
Competitive firms such as Tesla also help stimulate internal competition in China, raising the bars and standards of Chinese companies. China is now the world’s biggest producer and consumer of electric vehicles because of the fast growth of domestic EV brands.
Money talks, and it talks better than politicians.
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Copyright © 2023 CGTN. 京ICP备16065310号
Disinformation report hotline: 010-85061466