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Chinese trade with the United States soared by 33.2 percent to about 68 billion US dollars in the first seven months of 2003 and trade experts predict continuous high growth over the next few years.
Wang Youli, deputy director of the America and Oceanian Studies of the Chinese Academy of International Trade and Economic Cooperation, the think-tank of Chinese Ministry of Commerce (MOC),contributed the increase to the gradual recovery of the US economy and China's effective implementation of its commitments to the World Trade Organization.
In the January-July period, China's imports from the United States hit 19.62 billion US dollars and exports were 48.37 billion US dollars, up 33.2 percent and 33.3 percent respectively, statistics from Chinese Customs show.
The recovering US economy resulted in increased imports from China, while China's lowering of tariffs and simplifying of customs procedures facilitated US exports to China, Wang said.
Long Guoqiang, deputy director-general of the Foreign Economic Relations Department of the Development Research Center of China's State Council, said the increase of US exports to China accounted for much of the increase in total US exports.
The Asian Development Bank (ADB) had predicted China would become the largest importer in Asia by 2005, Long said.
If the United States eased restrictions on exports of high-tech products to China, bilateral trade would surge, said Hu Guocheng, a researcher at the Institute of American Studies of Chinese Academy of Social Sciences.
"Sino-US trade is increasing steadily and fast growth is foreseeable for a long period of time," Hu said.
(Xinhua News Agency September 4, 2003)
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