SHANGHAI: Despite challenges, cooperation between American companies and their Chinese counterparts is extremely resilient, says Craig Allen, president of the US-China Business Council (USCBC).
US exports to China reached record highs in 2022, and China remains a crucial destination for US agriculture, food, chemical exporters, and other commodities, he said at the China Development Forum 2023, adding that about one million Americans are employed as a result of exports to China.
Apart from trade, US investment in China is also very important, and 77% of what American companies make in China is sold in China for the local market and only 7% is exported back to the United States, Allen pointed out.
“I think that this dispels the common reference that American companies are simply offshoring work to China to supply the US market,” he said. — China Daily/ANN
