Gala 2024
USCBC & Oxford Economics Release Study on US Jobs and Trade with China
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FOR IMMEDIATE RELEASE Contact in Washington, DC: Lesley Lopez [email protected] O: 202-429-0340 USCBC & Oxford Economics Release Study on Today, trade with China supports roughly 2.6 million US jobs
Jan. 10, 2017 – Today, the US-China Business Council and Oxford Economics announced the release of a new report, “Understanding the US-China Trade Relationship.” This research sheds light on an important question: what role does trade with China play in the health of the US economy? The recent election campaign was flooded with hyperbolic language about trade and trade with China. A common assertion is that trade with China is bad for workers and US growth. This study presents balanced data highlighting the positives and negatives of trade with China and its impact on the U.S. economy and employment. Audio recording of the call is available on the USCBC website.
USCBC president John Frisbie and senior vice president Erin Ennis, and Oxford Economics leads Michael Zielenziger and Scott Livermore, are available for interviews and booking.
USCBC president John Frisbie said, “The overall impact of the commercial relationship with China on the US economy remains positive. Jobs have been lost in some areas, but jobs have been created and supported in other areas. Policymakers in the United States need to recognize that technology has had a far bigger impact on US manufacturing employment than China, and take appropriate actions to support growth and impacted workers. “At the same time, the American business community’s confidence in China’s business environment and policy direction is sagging. China needs to move forward with reforming its economy to reduce market access barriers, create a level playing field, and restore American business confidence. “China’s rise has had a significant – and positive– impact on the US,” said Scott Livermore, Managing Director, Macro & Industry Services for Oxford Economics, which produced the report. “US exports to China and bilateral investment has supported 2.6 million new jobs and $216 billion in GDP in 2015 alone and the continued growth of China’s middle class should further boost the US service industry in the next decade.” Key findings: · Today, trade with China supports roughly 2.6 million US jobs, across many industries. · China purchased 7.3 percent of all US exports ($165 billion in goods and services) from the United States in 2015, and the United States actually has a surplus with China of 0.2 percent of GDP on trade in services. · China is expected to continue to be one of world’s fastest, if not the fastest, growing major economies, fueling more market opportunities for US businesses. By 2030, Oxford Economics expect US exports to China to rise to more than $520 billion. · Key findings: · Today, trade with China supports roughly 2.6 million US jobs, across many industries. · China purchased 7.3 percent of all US exports ($165 billion in goods and services) from the United States in 2015, and the United States actually has a surplus with China of 0.2 percent of GDP on trade in services. · China is expected to continue to be one of world’s fastest, if not the fastest, growing major economies, fueling more market opportunities for US businesses. By 2030, Oxford Economics expect US exports to China to rise to more than $520 billion. · China is the “Great Assembler;” about one-third of the content that China exports is foreign. Adjusting the trade balance for the value-added content cuts the US trade deficit with China in half, to about 1 percent of GDP. This is broadly equivalent to the US trade deficit with the European Union.
The US-China Business Council (USCBC) is a private, nonpartisan, nonprofit organization of roughly 200 American companies that do business with China. For over four decades, USCBC has provided unmatched information, advisory, advocacy, and program services to its membership. Through its offices in Washington, DC; Beijing; and Shanghai, USCBC is uniquely positioned to serve its members’ interests in the United States and China. ###
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