As U.S. President George W. Bush heads for China, there are new data from AeA, a technology industry trade group, documenting the increasingly interdependent nature of the U.S.-China economic relations. For example, excluding Hong Kong, China was the sixth largest destination for U.S. high-tech exports in 2004, the Washington, D.C.-based group says. Add in the special administrative area of Hong Kong and China was the third largest destination last year.
Between 1998 and 2004, U.S. high-tech exports to China tripled to $8.7 billion from $3 billion, and U.S. high-tech imports from China increased more than four times to $68.2 billion from $16.2 billion, according to AeA figures.
Bilateral direct investment also is rising. U.S. direct investment in China was $15.4 billion in 2004, 34% higher than in 2003. China's investment in the U.S. was a much smaller $490 million in 2004, but that figure represents 59% growth over 2003.