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Pundits and economic experts are one in saying that the economies of China and the United States are increasingly becoming more interdependent.
There are several highly notable events that highlight the strengthening of economic ties between the two nations. Some indicators include the higher imports of China from the U.S. as compared to its exports to the said country. The level of Chinese investment in the U.S. markets also outweigh the investment of the U.S. in China.
Another indicator is the increasing internationalization of the renminbi. The currency’s international value is relatively stable. These are all indicators of improving economic growth and stronger ties, according to a senior researcher at the Center for U.S.-China Relations at Tsinghua University.
Jia Xiudong, a senior researcher specializing on international affairs at the China Institute of International Studies, said the current efforts of China toward economic reforms will open up new opportunities in terms of economic cooperation between China and the U.S. On the other hand, the economic growth opportunities should not neglect clean and more efficient energy, protection of the environment and the drive for rapid urbanization.
During the recent Third Plenum held in November last year, Chinese authorities have promised a less regulated economy. The government's role in controlling the interest rates will be lesser, thereby allowing the market forces to determine the outcome.
It is notable that in 2012, the U.S. was the second largest partner in trading and also the largest market for Chinese manufactured products. Based on the report of the General Administration of Customs, an approximately 8.5 percent increase in bilateral trade was posted on year-on-year basis, amounting to a total of US$484.7 billion. This amounts to 12.5 percent of the total trade of China.
The exports of China increased to US$351.8 billion or about 8.4 percent and the imports grew to US$132.9 billion or 8.8 percent.
