The U.S. economy has benefited significantly from China's WTO accession(2)

The U.S. economy has benefited significantly from China's WTO accession(2)

In the United States, Chinese companies have brought economic benefits to the United States by increasing local purchases, leasing houses and production equipment, and creating or retaining employment opportunities. At the same time, Chinese companies set up offices and factories in the United States to create a lot of business opportunities, helping local companies to obtain new opportunities and more sources of income.

One of the excuses for the United States to provoke economic and trade frictions with China is that the trade deficit between the United States and China has caused American workers to lose their jobs. However, this argument has no factual basis. Turk, a professor of economics at Illinois Institute of Technology in the United States, told Xinhua News Agency that the main reason for the decline in manufacturing jobs in the United States is that the United States has experienced new technological changes such as robotics, artificial intelligence and information technology at the beginning of the 21st century, and the government has not. The introduction of effective response policies has led to the loss of a large number of traditional manufacturing jobs.

The U.S. has benefited significantly from China’s accession to the WTO, which is reflected in the increase in China’s exports to the U.S. that has benefited U.S. consumers. Statistics from Forbes magazine show that imports from China accounted for 19% of all US imports in 2020, the highest among all US trading partners.