Exports of services to China support 37,000 jobs in high-paying

21 Sep '07

3 min read

Just over a year ago, Presidents George Bush and Hu Jintao established the Strategic Economic Dialogue, under the leadership of Vice Premier Wu Yi and Secretary Paulson, to address the fundamental strategic challenges and opportunities that lay ahead in our bilateral economic relationship.

One thing that has emerged from this dialogue is an even greater recognition of the huge interest each of our countries has in the continued growth and prosperity of the other. When China succeeds, the United States succeeds.

The United States and China have accounted for over 40 percent of total global economic growth in the past five years, and each is a critically important market for the other. For example, U.S. exports of services to China support some 37,000 jobs in high-paying, high-productivity sectors of the U.S. economy.

And imports from China provide U.S. consumers and companies with far richer consumer choices and access to more efficient global supply chains than they could hope for in the absence of trade with China.

For China, access to the U.S. and international markets – and openness to international investment – has helped to create a world-class export sector and to drive the spectacular rates of economic growth that have turned this country into the global economic leader it is.

We owe much of the strength and vitality of our economic relationship to the remarkable success of China's economic development over the last three decades: growth of almost 10 percent per year, a more than eightfold increase in per capita income, and over 250 million people lifted out of poverty. No one here should have any doubt about our admiration for what China has achieved.

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