China has committed to the principle of free trade and made a positive contribution to upholding the effectiveness and authority of the multilateral trading system, according to a white paper issued by the State Council Information Office on Wednesday.
The country fulfilled all of its tariff reduction commitments for goods by 2010, and its overall tariff level dropped from 15.3 percent in 2001 to 7.3 percent in July 2023. It further granted zero-tariff treatment for 100 percent tariff lines to all the least developed countries that have diplomatic relations with it.
China lifted all restrictions on foreign investment in the manufacturing sector and further expanded foreign investment access to the service industry. The country cut items on the national negative list for foreign investment from 93 in 2017 to 29 in 2024.
Since the entry into the WTO, U.S. exports to China have grown rapidly, making China an important export market for the U.S. In 2024, U.S. goods exports to China reached $143.55 billion, representing a 648.4-percent increase from $19.18 billion in 2001, which far exceeded its overall export growth of 183.1 percent during the same period.
From 2001 to 2024, U.S. service exports to China expanded from $5.63 billion to $54.61 billion. The U.S. annual service trade surplus with China expanded from $2.31 billion to $31.84 billion. China became a major contributor to the U.S. service trade surplus, representing roughly 10.8 percent of the total in 2024.
When the three factors of trade in goods, trade in services and the local sales of domestic enterprises’ branches in the other country are taken into full account, it can be seen that the economic and trade benefits gained by China and the U.S. are roughly balanced, according to the white paper.
