Commerce Expands Semiconductor Export Controls, Trump Threatens New China Tariffs, and NDAA Negotiations Continue
Being the 5th most populous state in the U.S, Illinois has been the economic engine of the Midwest region and a national hub for global commerce. The state owns the third largest intermodal port in the world, after Hong Kong and Singapore. As the state of innovation, Illinois is home to 32 Fortune 500 companies, involved in everything from agribusiness to life sciences, aerospace and financial services.
In 2013, the GDP of Illinois was US$720.7 billion and ranked 5th in the U.S. Advanced manufacturing is the largest industry in Illinois, due to the state’s highly trained workforce and superior logistics and infrastructure. Other major industries include financial services, agribusiness, coal technology, energy & recycling, life sciences, logistics and information technology.
Exports form a significant portion of Illinois’ economy, and totaled over US$68.18 billion in 2014. The state’s exports have grown faster than the rest of the nation. In 1974, Illinois became the first state to open a trade office in China, and China is now the state’s third largest export market. Last year, Illinois exports to China totaled US$4.7 billion, a small decrease over 2013. The top five exports are agriculture and related products, transportation equipment, machinery (excluding electrical), waste and scrap and computer and electronic products. In 2014, imports from China reached US$29.5 billion, making China the state’s second largest trade partner.
The United States has signed a Double Tax Treaty with China. This can reduce tax burdens under certain circumstances in both trade and any China legal establishment. Please seek professional advice for specific China investment requirements. Treaty details can be found here.
[box]This article was first published on China Briefing.
Since its establishment in 1992, Dezan Shira & Associates has been guiding American investors through Asia’s complex regulatory environment and assisting them with all aspects of legal, accounting, tax, internal control, HR, payroll and audit matters. As a full-service consultancy with operational offices across China, Hong Kong, India and emerging ASEAN, including liaison offices in Boston and Waltham specifically established to support our American clients, we are your reliable partner for business expansion in Asia and beyond.
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