From CBS MarketWatch:
WASHINGTON - A Cabinet-level official of the Chinese government said Wednesday that China would "gradually" open its markets and import more than $1 trillion worth of goods from the United States over the next five years.
In the meantime, the U.S. government should avoid protectionism as a response to recent trade problems, said Chinese State Councilor Tang Jiaxuan in speech before a group of American businessmen...
"To politicize trade issues or to get emotional about them does not help solve problems," he said.
Tang said that trade between China and the United States is mutually beneficial. He said that American investment, technology and managerial expertise have "instilled vitality in the Chinese economy."
"Many young Chinese are making calls with Motorola cell phones, working with Dell or Compaq laptops and hanging out with friends in Starbucks, McDonald's or KFC," he said.
The U.S. benefits from the importation of "quality and affordable" Chinese goods that have "alleviated the inflation pressure and saved American consumers nearly $20 billion every year," he said.
The current flow of trade between the two countries tilts significantly in China's direction. But China doesn't want a prolonged trade surplus, Tang said.
The U.S. trade deficit with China reached $162 billion last year compared with $75 billion with Japan and $109 billion with the European Union.
According to Commerce Department data, U.S. exports to China totaled $35 billion in 2004, up 22%. So far in 2005, exports are running 7.6% ahead of last year's pace. Meanwhile, imports from China totaled $197 billion in 2004, up 29% from 2003. This year, Chinese imports are up 28%.
U.S. exports to China would have to grow about 65% per year for five years to total $1 trillion...
Preaching to the choir of American businessmen at the US-China Business Council. Any effective Chinese PR outreach will need to get to the working class and mainstream media. It's the presumption that these people will respond favorably to anti-Chinese rhetoric which is fueling Congress to "politicize trade issues" and "get emotional about them." That and the fact that most US "leaders" lack the will and/or intellectual means to gain a fundamental understanding of any issue other than their own electability.
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