China has reaffirmed its long-standing commitment to free trade and adherence to World Trade Organization (WTO) rules, as outlined in a newly released white paper. Since joining the WTO in 2001, China has significantly liberalized its trade and investment landscape, yielding substantial mutual economic benefits with the United States.
By 2010, China had fully met its tariff reduction commitments under the WTO, reducing its average tariff rate from 15.3 percent in 2001 to just 7.3 percent by July 2023. Moreover, the country granted zero-tariff treatment on all tariff lines for least developed countries with which it has diplomatic ties, further demonstrating its dedication to global economic inclusivity.
China has also made considerable strides in opening up its markets to foreign investors. All restrictions on foreign investment in the manufacturing sector have been lifted, and access to the service industry has been further expanded. Notably, the number of items on China’s national negative list for foreign investment was reduced from 93 in 2017 to only 29 in 2024, signaling a continued trend toward liberalization.
These reforms have contributed to a dramatic rise in U.S. exports to China. In 2024, U.S. goods exports to China reached $143.55 billion—a 648.4 percent increase from $19.18 billion in 2001. This far outpaced the U.S.’s overall export growth of 183.1 percent over the same period, highlighting China’s role as a vital market for American producers.
Similarly, U.S. service exports to China surged from $5.63 billion in 2001 to $54.61 billion in 2024. During this time, the U.S. annual service trade surplus with China grew from $2.31 billion to $31.84 billion, accounting for 10.8 percent of the U.S.’s total service trade surplus in 2024.
The white paper emphasizes that when considering trade in goods, services, and revenues from local sales by domestic enterprises operating abroad, the economic and trade relationship between China and the U.S. is largely balanced. This comprehensive view underlines the mutual benefits of economic cooperation and reaffirms the value of open markets and free trade.
