U.S. investment in China has created jobs, passed on advanced management techniques, set quality standards, and improved the rights and privileges of Chinese workers. With the largest population on earth, traders for 150 years have dreamed of tapping the China market. Businessmen in 19th century Britain dreamed of adding an inch to the shirt of every Chinese. Today, we dream of putting a cellular phone in the hands of every Chinese. Unfortunately for the United States, the potential of the China market remains unfulfilled in many respects.
China continues to maintain one of the most protectionist trade regimes in the world.
The growing U.S. trade deficit with China symbolizes for most Americans the inequity in our bilateral trade relationship. Within just a few years, our deficit with China is on pace to surpass our trade deficit, with Japan. This is a situation that cannot be sustained. China must open its markets. China is falling short in this regard.