China has actually committed to the principle of free trade and made a positive contribution to upholding the effectiveness and authority of the multilateral trading system, according to a white paper provided by the State Council Information Office on Wednesday.The country fulfilled all of its tariff decrease commitments for goods by 2010, and its general tariff level dropped from 15.3 percent in 2001 to 7.3 percent in July 2023.
It further approved zero-tariff treatment for 100 percent tariff lines to all the least industrialized countries that have diplomatic relations with it.China lifted all restrictions on foreign financial investment in the manufacturing sector and further expanded foreign investment access to the service market.
The country cut products on the national unfavorable list for foreign financial investment from 93 in 2017 to 29 in 2024.
Considering that the entry into the WTO, United States exports to China have actually grown rapidly, making China an important export market for the United States In 2024, United States items exports to China reached $143.55 billion, representing a 648.4-percent increase from $19.18 billion in 2001, which far exceeded its general export development of 183.1 percent during the same period.From 2001 to 2024, United States service exports to China expanded from $5.63 billion to $54.61 billion.
The United States annual service trade surplus with China expanded from $2.31 billion to $31.84 billion.
China became a significant contributor to the United States service trade surplus, representing roughly 10.8 percent of the overall in 2024.
When the 3 aspects of sell items, sell services and the local sales of domestic enterprises branches in the other nation are taken into complete account, it can be seen that the economic and trade advantages gained by China and the United States are roughly balanced, according to the white paper.