一、中美經(jīng)貿(mào)合作互利共贏
I. Mutually-beneficial and win-win cooperation between China and the US in trade and economy

中美建交以來，雙邊經(jīng)貿(mào)關(guān)系不斷發(fā)展，貿(mào)易和投資等合作取得豐碩成果，實現(xiàn)了優(yōu)勢互補、互利共贏。中國從中受益匪淺，美國也從中獲得了廣泛、巨大的經(jīng)濟利益，分享了中國發(fā)展帶來的機遇和成果。事實證明，良好的中美經(jīng)貿(mào)關(guān)系對兩國發(fā)展都具有重要意義，合則兩利，斗則兩傷。
Economic and trade relations have developed steadily since the establishment of diplomatic ties between China and the US, with fruitful results achieved in trade and investment. China benefits remarkably from the strong synergy, while the US also reaps extensive economic benefits from the opportunities and results generated by China’s growth. It is self-evident that a sound China-US economic and trade relationship is very important for both countries. Cooperation serves the interests of the two sides and conflict can only hurt both.

（一）中美雙方互為重要的貨物貿(mào)易伙伴
1. China and the US are important partners for each other in trade in goods.

雙邊貨物貿(mào)易快速增長。根據(jù)中國有關(guān)部門統(tǒng)計數(shù)據(jù)，2017年中美雙邊貨物貿(mào)易額達5837億美元，是1979年建交時的233倍，是2001年中國加入世界貿(mào)易組織時的7倍多。目前，美國是中國第一大貨物出口市場和第六大進口來源地，2017年中國對美國出口、從美國進口分別占中國出口和進口的19%和8%；中國是美國增長最快的出口市場和第一大進口來源地，2017年美國對華出口占美國出口的8%。
Two-way trade in goods has grown rapidly. Chinese statistics show that trade in goods between China and the US in 2017 amounted to US$583.7 billion, a 233-fold increase from 1979 when the two countries forged diplomatic ties, as well as a seven-fold increase from 2001 when China joined the World Trade Organization. Currently, the US is China’s biggest export market and sixth biggest source of imports. In 2017, the US took 19% of China’s exports and provided 8% of China’s imports. China is the fastest growing export market for US goods and the biggest source of imports of the United States. In 2017, 8% of US exports went to China.

美國對華出口增速明顯快于其對全球出口。中國加入世界貿(mào)易組織以來，美國對華出口快速增長，中國成為美國重要的出口市場。根據(jù)聯(lián)合國統(tǒng)計，2017年美國對華貨物出口1298.9億美元，較2001年的191.8億美元增長577%，遠遠高于同期美國對全球112%的出口增幅（圖1）（注1）。
US exports to China are growing much faster than its global average. Since its accession to the WTO, China has become an important market for US exports, which have grown rapidly. UN statistics indicate that in 2017 US exports of goods to China amounted to US$129.89 billion, a 577% increase from US$19.18 billion in 2001, and far higher than the 112% average growth rate of overall US exports (Chart 1).

中國是美國飛機、農(nóng)產(chǎn)品、汽車、集成電路的重要出口市場。中國是美國飛機和大豆的第一大出口市場，汽車、集成電路、棉花的第二大出口市場。2017年美國出口中57%的大豆、25%的波音飛機、20%的汽車、14%的集成電路、17%的棉花都銷往中國。
China is an import market for US goods such as airplanes, agricultural produce, automobiles, and integrated circuits. China represents the No. 1 export market for US airplanes and soybeans, and the No. 2 export market for US automobiles, IC products and cotton. In 2017 China took 57% of US soybean exports, 25% of Boeing aircraft, 20% of automobiles, 14% of ICs and 17% of cotton.

中美雙邊貿(mào)易互補性強。美國居于全球價值鏈的中高端，對華出口多為資本品和中間品，中國居于中低端，對美出口多為消費品和最終產(chǎn)品，兩國發(fā)揮各自比較優(yōu)勢，雙邊貿(mào)易呈互補關(guān)系。2017年中國向美國出口前三大類商品為電機電氣設(shè)備及其零附件、機械器具及零件、家具寢具燈具等，合計占比為53.5%。中國從美國進口前三大類商品為電機電氣設(shè)備及其零附件、機械器具及零件、車輛及其零附件，合計占比為31.8%。機電產(chǎn)品在中美雙邊貿(mào)易中占重要比重，產(chǎn)業(yè)內(nèi)貿(mào)易特征較為明顯（表1）。中國對美出口的“高技術(shù)產(chǎn)品”，大多只是在華完成勞動密集型加工環(huán)節(jié)，包含大量關(guān)鍵零部件和中間產(chǎn)品的進口與國際轉(zhuǎn)移價值。
China-US bilateral trade has a strong complementarity. The US stands at the mid-and high-end in global value chains and it exports capital goods and intermediary goods to China. Remaining at the mid-and low-end in global value chains, China mainly exports consumer goods and finished products to the US. The two countries play to their comparative strengths and the two-way trade is highly complementary. In 2017, the top three categories of Chinese exports to the US were:
1. electric machines/electrical products/equipment and components,
2. mechanical apparatus and components, and
3. furniture/bedding/lamps,
which accounted for 53.5% of its total exports to the US. The top three categories of products that China imported from the US were：
1. machinery/electric equipment/ components and accessories,
2. mechanical apparatus and components, and
3. automobile and components and accessories,
which accounted for 31.8% of total import from the US. Machinery and electronic products take a lion’s share of two-way trade, and there is an evident characteristic of intra-industry trade. (Table 1) For most of the hi-tech products that China exports to the US, only labor-intensive processing takes place in China, involving large-scale import of key components and intermediary products as well as international transfer of value.

（二）中美雙邊服務(wù)貿(mào)易快速增長
2. Bilateral trade in services is developing quickly.

美國服務(wù)業(yè)高度發(fā)達，產(chǎn)業(yè)門類齊全，國際競爭力強。隨著中國經(jīng)濟發(fā)展和人民生活水平提升，服務(wù)需求明顯擴大，雙方服務(wù)貿(mào)易快速增長。據(jù)美國方面統(tǒng)計，2007－2017年，中美服務(wù)貿(mào)易額由249.4億美元擴大到750.5億美元，增長了2倍。2017年，據(jù)中國商務(wù)部統(tǒng)計，美國是中國第二大服務(wù)貿(mào)易伙伴；據(jù)美國商務(wù)部統(tǒng)計，中國是美國第三大服務(wù)出口市場。
The US has a highly-advanced and fully-fledged service industry which is very competitive on the international market. Accompanying the growth of the Chinese economy and the improvement of Chinese people’s living standards is an obvious rise in demand for services and rapid growth in bilateral services trade. According to US statistics, two-way trade in services rose from US$24.94 billion in 2007 to US$75.05 billion in 2017. According to MOFCOM, the US was China’s second biggest services trade partner; according to USDOC, China is the third biggest market for US service exports.

美國是中國服務(wù)貿(mào)易最大逆差來源地，且逆差快速擴大。據(jù)美國方面統(tǒng)計，2007－2017年，美國對華服務(wù)出口額由131.4億美元擴大到576.3億美元，增長了3.4倍，而同期美國對世界其他國家和地區(qū)的服務(wù)出口額增長1.8倍，美國對華服務(wù)貿(mào)易年度順差擴大30倍至402億美元（圖2）。目前，美國是中國服務(wù)貿(mào)易逆差最大來源國，占中國服務(wù)貿(mào)易逆差總額的20%左右。中國對美服務(wù)貿(mào)易逆差主要集中在旅行、運輸和知識產(chǎn)權(quán)使用費三個領(lǐng)域。
The US is the biggest source of China’s deficit in services trade and this deficit has been increasing fast. US statistics show that US service exports to China grew 340% from US$13.14 billion in 2007 to US$57.63 billion in 2017 while its service exports to other countries and regions in the same period grew by 180%. The US surplus with China in services multiplied by a factor of 30 to US 40.2 billion. (Chart 2) At present, the US represents roughly 20% of China’s total deficit in services trade, the biggest source of this deficit. China’s deficit with the US is concentrated in three areas, travel, transport and intellectual property royalties.

中國對美旅行服務(wù)貿(mào)易逆差不斷擴大。據(jù)美國商務(wù)部統(tǒng)計，截至2016年，中國內(nèi)地到訪美國的游客數(shù)量已連續(xù)13年增長，其中12年的增速都達到兩位數(shù)。中國商務(wù)部統(tǒng)計顯示，2017年中國游客赴美旅游、留學(xué)、就醫(yī)等旅行支出合計達510億美元，其中赴美游客約300萬人次，在美旅游支出高達330億美元。在教育方面，美國是中國學(xué)生出境留學(xué)第一大目的地，2017年中國在美留學(xué)生約42萬人，為美國貢獻約180億美元收入。根據(jù)美國方面統(tǒng)計，中國對美國旅行服務(wù)貿(mào)易逆差從2006年的4.3億美元擴大至2016年的262億美元，年均增長50.8%。
China’s trade deficit with the US in tourism continues to widen. According to the DOC, by 2016 the number of Chinese mainland visitors to the US had been increasing for 13 consecutive years, with double-digit growth in 12 of the 13 years. MOFCOM statistics suggest that in 2017 Chinese visitors going to the US for tourism, education, and medical treatment spent a total of US$51 billion in the US. Among them, 3 million were tourists, who spent as much as US$33 billion while traveling in the US. In education, the US is the largest overseas destination for Chinese students. In 2017, there were around 420,000 Chinese students in the US, contributing some US$18 billion to local revenues. According to US figures, China’s trade deficit with the US in tourism grew from US$430 million in 2006 to US$26.2 billion in 2016, registering an average annual growth of 50.8%.

中國對美國支付知識產(chǎn)權(quán)使用費持續(xù)增加。據(jù)中國有關(guān)方面統(tǒng)計，美國是中國第一大版權(quán)引進來源國，2012－2016年，中國自美國引進版權(quán)近2.8萬項。中國對美國支付的知識產(chǎn)權(quán)使用費從2011年的34.6億美元增加至2017年的72億美元，6年時間翻了一番（圖3）。其中2017年中國對美支付占中國對外支付知識產(chǎn)權(quán)使用費總額的四分之一。
China’s payments for the use of US intellectual property continues to rise. Chinese statistics indicate that the US is the largest source of intellectual property imports to China. From 2012 to 2016, China imported nearly 28,000 items of intellectual property from the US. China’s payments for US intellectual property doubled in six years from US$3.46 billion in 2011 to US$7.2 billion in 2017. (Chart 3) In breakdown, China’s intellectual property payments to the US accounted for a quarter of its total intellectual property payments to foreign countries.

（三）中美互為重要的投資伙伴
3. China and the US are important investment partners.

美國是中國重要外資來源地。根據(jù)中國商務(wù)部統(tǒng)計，截至2017年，美國累計在華設(shè)立外商投資企業(yè)約6.8萬家，實際投資超過830億美元。中國企業(yè)對美國直接投資快速增長，美國成為中國重要的投資目的地。隨著中國對外投資的發(fā)展，中國企業(yè)對美國直接投資從2003年的0.65億美元增長至2016年的169.8億美元。根據(jù)中國商務(wù)部統(tǒng)計，截至2017年，中國對美直接投資存量約670億美元。與此同時，中國還對美國進行了大量金融投資。根據(jù)美國財政部統(tǒng)計，截至2018年5月底，中國持有美國國債1.18萬億美元。
The US is a major source of foreign investment for China. According to MOFCOM, by the end of 2017, there were approximately 68,000 US-funded enterprises in China with over US$83 billion in actualized investment. With a rapid increase in direct investment by Chinese enterprises in the US, the latter has become an important destination for Chinese investment. As China’s outbound investment grew, Chinese enterprises’ direct investment in the US rose from US$65 million in 2003 to US$16.98 billion in 2016. According to MOFCOM figures, by the end 2017, the stock of Chinese direct investment in the US amounted to approximately US$67 billion. Meanwhile, China has also made a significant financial investment in the US. According to the US Treasury Department, China held US$1.18 trillion of US treasury bills by the end of May 2018.

（四）中美雙方均從經(jīng)貿(mào)合作中明顯獲益
4. China and the US have both benefited markedly from trade and economic cooperation.

中美雙方從經(jīng)貿(mào)合作中獲得巨大的經(jīng)濟利益，實現(xiàn)了互利共贏。
China and the US have both reaped enormous benefits and created win-win results from trade and economic cooperation.

中美經(jīng)貿(mào)合作促進了中國經(jīng)濟發(fā)展和民生改善。在經(jīng)濟全球化背景下，中國與美國等國加強貿(mào)易和投資合作，相互開放市場，有利于中國企業(yè)融入全球產(chǎn)業(yè)鏈價值鏈，為中國經(jīng)濟增長帶來了可觀的外部市場。經(jīng)過改革開放以來40年的發(fā)展，2017年中國貨物貿(mào)易進出口總額4.1萬億美元，居世界首位；服務(wù)貿(mào)易進出口總額6956.8億美元，居世界第二位；吸引外商投資1363億美元，居世界第二位。美國在華企業(yè)在技術(shù)創(chuàng)新、市場管理、制度創(chuàng)新等方面對中國企業(yè)起到了示范作用，促進了市場競爭，提升了行業(yè)效率，帶動了中國企業(yè)提高技術(shù)和管理水平。中國從美國進口大量機電產(chǎn)品和農(nóng)產(chǎn)品，彌補了自身供給能力的不足，滿足了各領(lǐng)域需求特別是高端需求，豐富了消費者選擇。
China-US trade and economic cooperation has promoted economic development in China and improved economic wellbeing. Against the backdrop of economic globalization, strengthening trade and investment cooperation with other countries, including the US, and opening up markets to each other has helped Chinese enterprises integrate into the global industrial chain and value chain, and opened up a huge external market for Chinese economic growth. Thanks to economic development over the past 40 years of reform and opening up, in 2017 China became the world’s largest trader in goods, with US$4.1 trillion of total merchandise imports and exports. It became the second largest trader in services with US$695.68 billion worth of total services imports and exports. And it became the second largest recipient of FDI, with US$136 billion of inward foreign investment. American firms have played an exemplary role in China for their Chinese peers in terms of technological innovation, marketing management, and institutional innovation. They have promoted market competition, improved industry efficiency, and motivated Chinese firms to improve their technology and management. In importing a large number of mechanical and electrical products and agricultural products from the US, China has managed to make up for its own supply deficiencies, and satisfy the demand—especially high-end demand—in various sectors by offering consumers a diversity of choice.

與此同時，美國獲得了跨境投資、進入中國市場等大量商業(yè)機會，對美國經(jīng)濟增長、消費者福利、經(jīng)濟結(jié)構(gòu)升級都發(fā)揮了重要作用。
At the same time, the US has gained access to a wide range of business opportunities such as cross-border investment and entry into the China market, which have played a big part in driving economic growth, improving consumer welfare, and upgrading the economic structure in the US.

經(jīng)貿(mào)合作促進了美國經(jīng)濟增長，降低了美國通脹水平。據(jù)美中貿(mào)易全國委員會和牛津研究院聯(lián)合研究估算（注2），2015年美國自華進口提振了美國國內(nèi)生產(chǎn)總值0.8個百分點；美國對華出口和中美雙向投資為美國國內(nèi)生產(chǎn)總值貢獻了2160億美元，提升美國經(jīng)濟增長率1.2個百分點；來自中國物美價廉的商品降低了美國消費者物價水平，如2015年降低其消費物價水平1－1.5個百分點。低通貨膨脹環(huán)境為美國實施擴張性宏觀經(jīng)濟政策提供了較大空間。
Trade and economic cooperation has supported US economic growth and lowered US inflation. A joint estimate by the US-China Business Council and Oxford Economics indicated that in 2015 imports from China drove up the US gross domestic product by 0.8 percentage points. Exports to China and two-way investment contributed US$216 billion to America’s GDP, pushing US economic growth rate up by 1.2 percentage points. Value-for-money products from China drove down prices for American consumers, and in 2015 for example, reduced the consumer price index by 1 to 1.5 percentage points. A low inflation environment has created much room for expansionary macroeconomic policies in the US.

為美國創(chuàng)造了大量就業(yè)機會。據(jù)美中貿(mào)易全國委員會估算，2015年美國對華出口和中美雙向投資支持了美國國內(nèi)260萬個就業(yè)崗位（注3）。其中，中國對美投資遍布美國46個州，為美國國內(nèi)創(chuàng)造就業(yè)崗位超過14萬個，而且大部分為制造業(yè)崗位。
Trade and economic cooperation has created a large number of jobs in the US. According to a US-China Business Council estimate, in 2015, US exports to China and US-China two-way investment supported 2.6 million jobs in America. Specifically, Chinese investment covered 46 states of the US, generating for the US more than 140,000 jobs, most of which are in manufacturing.

給美國消費者帶來了實實在在的好處。雙邊貿(mào)易豐富了消費者選擇，降低了生活成本，提高了美國民眾特別是中低收入群體實際購買力。美中貿(mào)易全國委員會研究顯示，2015年，中美貿(mào)易平均每年為每個美國家庭節(jié)省850美元成本，相當于美國家庭收入的1.5%（注4）。
Trade and economic cooperation has brought real benefits to American consumers. Bilateral trade provides consumers with a broad range of choices, lowers their living costs, and raises the real purchasing power of the American people, especially the low- and middle-income cohort. According to the US-China Business Council, in 2015, trade with China saved every American family US$850 of expenditure each year, which is equivalent to 1.5% of the average household income in the US.

為美國企業(yè)創(chuàng)造了大量商機和利潤。中國是一個巨大而快速增長的市場，中美經(jīng)貿(mào)合作為美國企業(yè)提供了大量商業(yè)機會。從貿(mào)易來看，根據(jù)美中貿(mào)易全國委員會發(fā)布的《2017年度美各州對華出口報告》，2017年中國是美國46個州的前五大貨物出口市場之一，2016年中國是美國所有50個州的前五大服務(wù)出口市場之一；2017年每個美國農(nóng)民平均向中國出口農(nóng)產(chǎn)品1萬美元以上。從投資來看，根據(jù)中國商務(wù)部統(tǒng)計，2015年美國企業(yè)實現(xiàn)在華銷售收入約5170億美元，利潤超過360億美元；2016年銷售收入約6068億美元，利潤超過390億美元。美國三大汽車制造商2015年在華合資企業(yè)利潤合計達74.4億美元。2017年美系乘用車在華銷量達到304萬輛，占中國乘用車銷售總量的12.3%（注5），僅通用汽車公司在華就有10家合資企業(yè)，在華產(chǎn)量占到其全球產(chǎn)量的40%（注6）。美國高通公司在華芯片銷售和專利許可費收入占其總營收的57%，英特爾公司在中國（包括香港地區(qū)）營收占其總營收的23.6%（注7）。2017年財年，蘋果公司大中華地區(qū)營收占其總營收的19.5%（注8）。截至2017年1月，13家美國銀行在華設(shè)有分支機構(gòu)，10家美資保險機構(gòu)在華設(shè)有保險公司。高盛、運通、美國銀行、美國大都會人壽等美國金融機構(gòu)作為中國金融機構(gòu)的戰(zhàn)略投資者，均取得了不菲的投資收益。根據(jù)中國證監(jiān)會統(tǒng)計，中國境內(nèi)公司到境外首發(fā)上市和再融資，總籌資額的70%由美資投資銀行擔任主承銷商或聯(lián)席主承銷商（注9）。美國律師事務(wù)所共設(shè)立駐華代表處約120家。
Trade and economic cooperation has created a large number of business opportunities and significant profits for American businesses. With China being a huge and rapidly growing market, trade and economic cooperation between China and the US has created huge business opportunities for American businesses. From the trade perspective, the US-China Business Council 2017 State Export Report found that in 2017, China was one of the top five export markets of goods for 46 states. In 2016 China was one of the top five export markets of services for all 50 states. On average every US farmer exported over US$10,000 of agricultural products to China in 2017. From the investment perspective, according to MOFCOM, in 2015 US firms in China realized approximately US$517 billion of sales revenue and over US$36 billion of profits; in 2016, their sales reached about US$606.8 billion and profits exceeded US$39 billion. For the top three US automakers, their joint ventures in China made a total profit of US$7.44 billion in 2017. In the same year, a total of 3.04 million American passenger vehicles were sold in China, accounting for 12.3% of all passenger vehicles sold in China . General Motors alone has ten joint ventures in China. Its output in China accounted for 40% of its global output. Qualcomm’s income from chip sales and patent royalties in China accounted for 57% of its total revenue. Intel’s revenues in China (including the Hong Kong region) accounted for 23.6% of its total revenue. In the FY 2017, revenues from Greater China accounted for 19.5% of the Apple Inc. total. By January 2017, 13 American banks had subsidiaries or branches and ten American insurance companies had insurance firms in China. Goldman Sachs, American Express, Bank of America, Metlife and other American financial institutions have reaped handsome returns from their strategic investment in Chinese financial institutions. According to China Securities Regulatory Commission, American investment banks were lead underwriters or co-lead underwriters for 70% of the funds raised by Chinese companies in their overseas IPOs and refinancing. US law firms have set up about 120 offices in China.

促進了美國產(chǎn)業(yè)升級。在與中國經(jīng)貿(mào)合作中，美國跨國公司通過整合兩國要素優(yōu)勢提升了其國際競爭力。蘋果公司在美國設(shè)計研發(fā)手機，在中國組裝生產(chǎn)，在全球市場銷售。根據(jù)高盛公司2018年的研究報告，如蘋果公司將生產(chǎn)與組裝全部移到美國，其生產(chǎn)成本將提高37%（注10）。從技術(shù)合作領(lǐng)域看，美國企業(yè)在中國銷售和投資，使這些企業(yè)能夠享受中國在云計算和人工智能等方面的應(yīng)用成果，使其產(chǎn)品更好適應(yīng)不斷變化的全球市場（注11）。中國承接了美國企業(yè)的生產(chǎn)環(huán)節(jié)，使得美國能夠?qū)⒏噘Y金等要素資源投入創(chuàng)新和管理環(huán)節(jié)，集中力量發(fā)展高端制造業(yè)和現(xiàn)代服務(wù)業(yè)，帶動產(chǎn)業(yè)向更高附加值、高技術(shù)含量領(lǐng)域升級，降低了美國國內(nèi)能源資源消耗和環(huán)境保護的壓力，提升了國家整體競爭力。
Trade and economic cooperation has promoted industrial upgrading. In their trade and economic cooperation with China, US multinational companies have sharpened their international competitiveness by combining competitive factors of production in the two countries. For example, iPhones are designed in the US, manufactured and assembled in China, and sold in the world. According to a Goldman Sachs report in 2018, should Apple Inc. relocate all its production and assembly to the US, its product cost would increase by 37%. In technological cooperation, US companies which have sales and investment in China enjoy the benefits of cloud computing and artificial intelligence applied in China, so that American products can better adapt to the changing global market. By manufacturing for US companies, China has enabled the US to invest more money and resources in innovation and management, focus on high-end manufacturing and modern services, and upgrade its industry with more added-value and high technology. This has also helped the US in conserving energy and resources and mitigating pressure in environmental protection at home, making the US more competitive in the world.

總體來看，中美經(jīng)貿(mào)合作是一種雙贏關(guān)系，絕非零和博弈，美國企業(yè)和國民從中得到了實實在在的好處，美國一部分人宣稱的“美國吃虧論”是站不住腳的。
In general, China-US trade and economic cooperation is a win-win relationship and by no means a zero-sum game, bringing concrete benefits to US companies and people. Some Americans claim that the United States is “l(fā)osing” in this relationship, a claim which does not stand up to scrutiny.