Sino-US trade levels rose to a record high in 2022, despite ongoing political tensions between the two superpowers in the wake of the Covid pandemic.
Official US trade data indicates that total grade in goods between China and the US rose to a record high of USD$690.6 billion. The unprecedented Sino-US trade print arrived amidst geopolitical tensions that have spilled into the area of economic relations, with increased efforts by Washington to bar Beijing from access to key technologies including semi-conductor manufacturing process.
China’s Ministry of Commerce (MOFCOM) has public struck a conciliatory tone with regard to the record high figure for Sino-US trade.
“Sino-US economic and trade cooperation relates the vital interests of the two nations and plays a decisive role in global economic growth,” said MOFCOM spokesperson Shu Jueting at a press conference held on 16 February.
“In 2022, the data from both sides indicates that the bilateral trade volume between China and the United States hit a record high, displaying strong resilience. This fully demonstrates the highly complementary economic structure of China and the United States, and the mutually beneficial and win-win nature of economic and trade cooperation.
“China has always adhered to openness and cooperation, and provided opportunities for the world through its own development. We have noticed that recently, the American Chamber of Commerce in China stated that for US companies, the Chinese market is not an ‘optional’ but a ‘must,’ and that the Chamber will work with member companies to seize new development opportunities.
“The US-China Business Council believes that the ‘coupling’ between the US and China is a good strategy that will benefit the people of the two countries. China will always adhere to open cooperation and provide opportunities to the world via its own development.”