The U.S. economy has benefited significantly from China's WTO accession(1)

The U.S. economy has benefited significantly from China's WTO accession(1)

This year marks the 20th anniversary of China's accession to the World Trade Organization. Over the past 20 years, China has effectively fulfilled its WTO commitments, and the Chinese economy has been highly integrated with the global economy. China's development dividend has benefited the world and the U.S. economy has also benefited significantly.

The U.S. has benefited significantly from China’s accession to the WTO, which is reflected in the geometric growth of U.S. trade and investment in China over the past 20 years. Statistics show that in 2001, China was only the 11th largest export destination of the United States, while last year China was already the third largest export destination of the United States. A report issued by the US-China Business Council in September showed that US companies’ sales in China in 2018 reached 392.7 billion U.S. dollars, more than 20 times that of the beginning of the 21st century.

The United States has benefited significantly from China's accession to the WTO, which is reflected in the continuous growth of Sino-US trade that has created a large number of employment opportunities for the United States, and Chinese-funded enterprises in the United States have also contributed to local employment in the United States. According to the "2020 Business Survey Report on Chinese Companies in the U.S." issued by the U.S. China General Chamber of Commerce, as of 2019, member companies directly employ approximately 220,000 employees in the U.S. and indirectly support more than 1 million jobs across the U.S.