LOS ANGELES – Trade between China and the United States is expected to exceed $500 billion this year, said Vide-President Xi Jinping who is visiting the US economic hub in a bid to promote trade.
Addressing a dinner of leading overseas Chinese businesspeople on Thursday inLos Angeles, Xi said bilateral trade between the two countries grew 180 times from $2.5 billion around 1980s to $446 billion last year.
“The figure is further expected to exceed $500 billion this year”, said Xi, stressing trade has been the most striking factor between the two countries since the duo established diplomatic ties more than 30 years ago.
When Xi spoke on Wednesday in Washington, he said trade delegations sent by China had purchased more than $100 billion of goods from the United States every year from 2006-11, while US exports to China have grown by almost 5 times during the past 10 years.
Xi’s visit toLos Angeles, the last leg of his five-day visit to theUS, focused heavily on trade and local cooperation. His official delegation toured the China Shipping terminal at thePortofLos Angelesimmediately after landing in the City ofAngelsat noon on Thursday.
Xi is scheduled speak at the China-US Economic Trade Forum on Friday and participate in other events focused on trade and investment.
He will be joined again by US Vice-President Joe Biden, who has been his formal host during his time in theUS.
Xi will conclude his visit with a professional basketball game between the Los Angeles Lakers and Phoenix Suns at theStaplesCenterin downtownLos Angeles.
China’s Deputy Commerce Minister Gao Hucheng, who is accompanying Xi during the visit, estimated that traveling Chinese trade and investment delegations in theUSalongside Xi’s visit would buy $27.1 billion ofUSgoods, including silicon chips, electronic materials, equipment and machinery as well as farm produce.
Trade tensions between the two economies have sometimes caused some ruffled feathers, especially as US President Barack Obama seeks to accelerate economic growth during a re-election year.
Gao said both countries should make efforts to address the trade deficit.
Xi, during hisWashingtonspeech, called on theUSto adjust its economic policies and end restrictions on high-tech exports toChina.
Xi also spoke at a dinner Thursday night that included a large contingent from the Chinese delegation and members of the local Chinese-American community. He said local cooperation has always been the foundation for strong bilateral ties.
There are now 4.3 million people of Chinese heritage living in theUS, the biggest number of all Asian-Americans.
Xi urged Americans to seize the chance ofChina’s development and contribute to the trade and cultural links between the two countries.
Sue Zhang, president of the Roundtable of Chinese American Organizations who was attended the dinner on Thursday, said since Los Angeles is one of the cities that hub the largest number of Chinese in North America, there has always been a strong tie between the region and China.
Southern California has one of the largest Chinese communities in theUnited Stateswith more than 360,000 people.
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