USCCC: China’s growth benefits the world

China expects its economy to expand by 7.5 percent this year. That’s according to Chinese Premier Wen Jiabao, presenting the government’s annual work report yesterday. And as the country’s key NPC sessions continue in Beijing, with policy announcements coming thick and fast, we take a look at what the US - one of China’s major trading partners - thanks about this reform state of mind. 

Gregory Gilligan, chairman of the US-China Chamber of Commerce, has been dedicated to bilateral trade for more than 16 years. After watching the live broadcast of Chinese Premier Wen Jiabao’s annual work report, and learning that the growth target is unchanged at 7.5 percent in 2013, Gregory remains positive about the Chinese market this year.

"Business people are looking for mutual benefits, and I think China’s continue growth is extremely important to the world’s economy. And their growth number is important, because countries between and amongst themselves look for sort of balance in trade."

In the past few years, Sino-US trade has been on a roller-coaster side. US tariffs on Chinese tyre imports in 2009 and the solar panel disputes in 2012 are stark examples of some of the bumpier moments. However, Gregory says, despite the challenges of globalization and increasing competition among major economies, China and the US should find a balance between healthy competition and mutually benefits.

"With the two largest economies in the world, and the signs of our economies’ enter-dependence on each other. Problems may exist, but could be solved and should dedicate to the longer term relationship."

He also says, American business people need to understand China and its policies further, to be able to fully benefit from the expansive Chinese market.