Tomorrow I will begin two days of meetings with my counterpart from China, Minister of Foreign Trade and Economic Cooperation Shi. These and other government interactions, such as the JCCT, reflect the growing dedication of both governments to the principle of mutual cooperation by raising discussions on trade to the highest level. This spring, I will travel to China to continue our discussions. I will lead a multi-agency infrastructure mission, to advance the commercial and economic goals of both of our nations. While we remain steadfastly committed to the policy of engagement with China, progress in addressing the ballooning trade deficit will be a critical indicator of the policy's success for both countries.
China is the source of our second largest trade deficit, following Japan.
The fact of the matter is, our companies do not have the market access they need to have. There are simply too many non-tariff restrictions. Worse yet, more are being added. And these new restrictions have not gone unnoticed by us or a Congress increasingly concerned by the growing trade deficit, a worsening environment for business in China, continued restrictions on investors, and the lack of protection for intellectual property. China can pursue its reform agenda while keeping its economy open.