SHANGHAI, Oct. 19 /PRNewswire-Asia/ -- As the U.S. emerges from the economic downturn, AmCham Shanghai's latest Viewpoint, U.S. Export Competitiveness in China – Winning in the World's Fastest Growing Market, highlights how improving U.S. export competitiveness in China is crucial for sustained economic growth and job creation in the U.S.
Driven by a fast-growing middle class and expanding consumer base, the China market offers tremendous unmet demand for U.S. exporters to satisfy. The Viewpoint finds that China's market potential is so great that capturing an additional 1 percent of the China import market translates to $12.3 billion in additional U.S. exports and over 76,000 American jobs.
While the U.S. has increased its exports to China by 330 percent since 2000, the U.S. still punches below its weight in comparison to overseas competition. In the second quarter of 2010, U.S. goods exports to China were up 24 percent from last year – but exports from Germany, South Korea and Japan all outpaced the U.S. over the same period (at 53 percent, 39 percent and 29 respectively). "The key to tapping China's potential as a leading export market for U.S. job creation and economic growth is to increase the export competitiveness of the U.S.," says AmCham Shanghai Chairman Robert Roche.
Distributed on Capitol Hill and to Administration officials during AmCham Shanghai's recently completed Washington, D.C. "Doorknock," the report draws upon case studies of what Germany, the EU and other competing export countries are doing to successfully export to China.
The Viewpoint also introduces AmCham Shanghai's China Market Export Competitiveness Index, which finds that the U.S. ranks 12 out of the top 21 nations and regions competing for export sales to China, lagging behind Germany, the EU, Japan, South Korea, Australia and others.
The Viewpoint includes recommendations on how the U.S. can promote exports to China by building on President Obama's National Export Initiative (NEI) program with specific targeted policies to improve U.S. competitiveness in China. "The NEI is a critical first step for developing a bold, ambitious trade policy and an export infrastructure to drive sustained economic growth," says AmCham Shanghai President Brenda Foster, addressing the NEI's plan to double U.S. exports in five years in support of two million jobs.
- A trade mission to China led by President Obama to raise the profile of U.S. goods overseas and win export customers in face-to-face meetings with Chinese leaders
- Targeted U.S. Export-Import Bank financing to help U.S. companies, especially SMEs, sell exports to China and enjoy the same access to export financing as their competition
- Enhanced funding for effective federal export promotion programs, such as the Market Development Cooperator Program, and the U.S. Foreign Commercial Service
- Integration of state- and city-level export resources with federal promotion efforts and stepped-up federal funding for effective state programs
- A reformed U.S. export control regime so that U.S. companies are not at a competitive disadvantage in controlled industries abroad
- Vigorous engagement with China to open domestic markets and ensure U.S. companies compete in a competitive and non-discriminatory market environment in China
AmCham Shanghai's Viewpoint series provides AmCham Shanghai members, U.S. and Chinese government officials, media and other opinion makers with timely and insightful analysis and perspective on key business trends, issues and policies that impact today's business environment in China.
To view and download "U.S. Export Competitiveness in China" in English, click here.
About AmCham Shanghai:
The American Chamber of Commerce in Shanghai, known as the "Voice of American Business" in China, is the largest and fastest growing American Chamber in the Asia-Pacific region. Founded in 1915, AmCham Shanghai was the third American Chamber established outside the United States. As a nonprofit, non-partisan business organization, AmCham Shanghai is committed to the principals of free trade, open markets, private enterprise and the unrestricted flow of information.
Visit www.amcham-shanghai.org for more information about AmCham Shanghai.
SOURCE The American Chamber of Commerce in Shanghai