PRESS RELEASE
New Report from China Commerce Ministry on China-U.S. ‘Huge Potential’ for Economic Cooperation, Including Infrastructure
May 26, 2017 (EIRNS)—The Chinese Minister of Commerce yesterday released the "Research Report on China-U.S. Economic and Trade Relations." Among the many areas covered in the 117-page, comprehensive review of imports, exports, and two-way investment, one that stands out is the re-statement of China’s willingness to help in construction in states and localities, to start to close the infrastructure gap.
In the report section titled, "Enhancing Infrastructure Construction Cooperation," it states:
"According to ASCE [American Society of Civil Engineers] reports, the US infrastructure investment demand from 2016 to 2025 is about US $3.3 trillion and the infrastructure funding gap in the coming 10 years is nearly U.S. $1.44 trillion. China is willing to enhance cooperation in infrastructure construction projects at the state and city level through the Joint Working Group on Trade and Investment Cooperation between Chinese Provinces and US States.... China hopes that the U.S. side can create favorable conditions for Chinese enterprises to work in the US infrastructure market."
The Joint Working Group citation refers to the organizations that have been coming into being over the past few years, between U.S. states and cities, and certain Chinese provinces. Among those in place, and their date of establishment: California (2012), Texas (2014), Washington (2015), New York State (2016), Michigan, and Iowa, plus the city of Chicago. For example, as of April 2016, the New York State "Joint Working Group" with China had 95 Chinese projects in the state, and relationships with Beijing, Shanghai, Jiangsu, Zhejiang, Jiangxi, and Yunnan.
The new report concludes its opening "Summary" section:
"Looking into the future, China is willing to make joint efforts with the U.S. to encourage Chinese enterprises to participate in US infrastructure construction, further open up markets, promote two-way investment, and promote bilateral investment treaty negotiations to further strengthen China-U.S. trade and economic cooperation at sub-national levels.... China-U.S. economic and trade cooperation has great prospect and huge potential."
