CRI听力:MOC details potential of U.S. exports to China

The Chinese Ministry of Commerce has provided more details to demonstrate the great growth potential in U.S. exports to China.

CRI's Guan Chao has more.

A research report from the ministry says China's total imports are expected to reach 8 trillion U.S. dollars in the next five years.

In particular, China would like to increase imports of agricultural products such as soybeans and cotton.

China will also speed up negotiations on terms regarding traceability, inspection and quarantine for U.S. beef to enter China, benefiting 6 million American farmers.

Agricultural products are among the leading U.S. exports to China, a sector in which the U.S. has maintained a trade surplus with China.

After Canada, China is the largest export market for U.S. agricultural products.

China purchased over 83 million tonnes of soybeans in 2016, with imports from the United States accounting for about 40 percent, while U.S. cotton took up 29 percent of China's total cotton imports.

The report also pledged to increase imports of advanced manufactured goods such as aircraft, integrated circuits and machine tools from the United States.

China is the largest export market for U.S. aircraft and the second largest export market for U.S. integrated circuits. In 2016, approximately 15 percent of integrated circuits and 25 percent of Boeing aircraft in the U.S. were sold to China.

The report notes that China has a large demand for U.S. high-tech products, but such imports from the U.S. account for only 8.2 percent of the country's total imports in the sector, which is incompatible with the U.S. position as a technology superpower.

In addition, the ministry promised efforts to expand U.S. film exports to China and deepen cooperation in tourism, education and cross-border e-commerce.

According to e-commerce giant Alibaba, sales of U.S. brand products on Taobao.com reached 120 billion yuan, or 17.5 billion U.S. dollars, in 2016, creating about 270,000 jobs for the United States.

Alibaba plans to open 1 million online stores for American small and medium-sized enterprises in the coming five years.

For CRI, I'm Guan Chao.