High-End Sector to See More Imports from U.S.

China’s imports from the United States are likely to grow substantially in the high-end sector with scope for further cooperation in sectors such as aerospace and new energy research, a top expert said.

“Beyond traditional goods like beef and aircraft, China would increase imports from the U.S. in life sciences, new materials and healthcare sector in the next five years,” said Wei Jianguo, vice-president of the Beijing-based China Center for International Economic Exchanges. Wei’s comments come at a time when US President Donald Trump is making a state visit to China this week amid mounting trade friction between the two sides.

The two sides are also expected to further collaborate in the services, cross-border e-commerce and outsourcing sectors, he said. Such efforts will allow the China-U.S. trade to grow “from single-track to multi-track pattern,” he said, which would decrease the U.S.’ trade deficit with China.

Healthy economic and trade ties are considered pillars of China-U.S. relations. Bilateral trade in goods surged from $2.5 billion in 1979 to about $519.6 billion in 2016, an increase of over 200 times, according to Zhong Shan, China’s Minister of Commerce.

In April, China and the U.S. agreed to establish a comprehensive economic dialogue and initiate a 100-day economic cooperation plan. About a month later, the two countries announced initial results in areas like agriculture, electronic payments, financial services and energy.

(Source: China Daily)