(Picture Source:Baidu)
In terms of education, the us is the top destination for Chinese students to study abroad. In 2017, about 420,000 Chinese students studied in the us, contributing about 18 billion us dollars to the us. According to us statistics, China's trade deficit with the us in travel services widened from us $430 million in 2006 to us $26.2 billion in 2016, with an average annual growth of 50.8%. China continues to pay increasing royalties to the United States for intellectual property rights. According to relevant statistics of China, the United States is the largest source of copyright import in China. From 2012 to 2016, China imported nearly 28,000 Copyrights from the United States. China's intellectual property royalties to the United States have doubled in six years, from $3.46 billion in 2011 to $7.2 billion in 2017. In 2017, China's payment to the us accounted for a quarter of China's total foreign intellectual property royalties.
China reiterates that cooperation is the only right choice for China and the United States, and win-win results will lead to a better future. Hope the two sides to mutual respect, equality and the premise of making, consistency and resolve their differences in a mutually acceptable way, actively build new balanced, inclusive and win-win china-us economic and trade order, jointly safeguard and promote the reform and improve the multilateral trading system, promote mutually beneficial and win-win cooperation with other countries in the world.
The tariff commission of the State Council will continue to exclude the us from imposing additional tariffs. In the list of goods worth 75 billion us dollars, the excluded goods are not subject to the additional tariffs imposed by China to counter the us 301 measure according to the exclusion method. Goods not covered by the first two batches will be included in the third batch. The rules for accepting applications will be announced separately. China's tariff increase is a forced response to us unilateralism and trade protectionism.
The us is an important source of foreign investment for China. According to statistics from China's Ministry of Commerce, by the end of 2017, the United States had set up about 68,000 foreign-invested enterprises in
Us exports to China have grown significantly faster than its exports to the world. Since China's accession to the wto, us exports to China have grown rapidly and China has become an important export market for the us. According to UN statistics, us exports of goods to China totaled us $129.89 billion in 2017, up 577% from us $19.18 billion in 2001, and far higher than the 112% increase of us exports to the world in the same period. The United States has a highly developed service industry with a complete range of industries and strong international competitiveness. With the development of China's economy and the improvement of people's living standards, the demand for services has expanded significantly, and bilateral trade in services has grown rapidly. According to us statistics, from 2007 to 2017, china-us trade in services expanded from us $24.94 billion to us $75.05 billion, an increase of two times. In 2017, according to China's Ministry of Commerce, the us was China's second largest trading partner in services. China is the third largest market for U.S. services exports, according to the Commerce Department. The United States is the largest source of China's trade deficit in services, and the deficit is rapidly expanding. According to us statistics, from 2007 to 2017, the us export of services to China expanded from 13.14 billion us dollars to 57.63 billion us dollars, an increase of 3.4 times. In the same period, the us export of services to other countries and regions increased by 1.8 times, and the us annual trade surplus in services to China increased by 30 times to 40.2 billion us dollars. Currently, the us is the largest source of China's service trade deficit, accounting for about 20% of China's total service trade deficit. China's trade deficit with the United States in services is mainly in three areas: travel, transportation and intellectual property royalties.
China, with actual investment exceeding 83 billion us dollars. Chinese companies' direct investment in the us has grown rapidly, and the us has become an important investment destination for China. With the development of China's outbound investment, Chinese enterprises' direct investment in the us increased from 65 million us dollars in 2003 to 16.98 billion us dollars in 2016. According to China's Ministry of Commerce, by 2017, China's stock of direct investment in the us was about 67 billion us dollars. At the same time, China has made significant financial investments in the United States. As of the end of May 2018, China held $1.18 trillion of U.S. treasuries, according to the U.S. Treasury Department.
China's trade deficit with the us in travel services is widening. According to the us department of commerce, the number of mainland Chinese visiting the us had increased for 13 consecutive years up to 2016, with double-digit growth in 12 of those years. Statistics from China's Ministry of Commerce show that in 2017, Chinese tourists spent a total of us $51 billion on travel, study and medical treatment in the us, among which about 3 million were tourists from the us and 33 billion were tourists in the us.
Since the establishment of diplomatic ties between China and the United States, bilateral economic and trade relations have been developing steadily, with fruitful cooperation in trade and investment, and mutual benefit and win-win results have been achieved. China has benefited greatly from it, while the United States has benefited enormously from it, sharing in the opportunities and fruits of China's development. Facts have proved that sound china-us economic and trade relations are of great significance to the development of both countries. Bilateral trade in goods has grown rapidly. According to statistics from relevant Chinese authorities, bilateral trade in goods reached us $583.7 billion in 2017, 233 times that of 1979, when China established diplomatic relations with the United States, and more than seven times that of 2001, when China joined the world trade organization.
On August 15, 2019, the us government announced that it would impose a 10% tariff on about $300 billion of goods imported from China, effective from September 1 and December 15, 2019. The measures taken by the us side have led to escalating economic and trade frictions between China and the us, which have greatly damaged the interests of China, the us and other countries and seriously threatened the multilateral trading system and the principle of free trade. In response to the above measures taken by the us, China was forced to take countermeasures. According to the customs law of the People's Republic of China, the foreign trade law of the People's Republic of China regulations on the import and export tariff of the People's Republic of China and other laws and regulations and basic principles of international law, approved by the state council, the state council tariffs commission decision, the originating in the United States of 5078 items and about $75 billion of goods, imposing a 10%, 5% range of duties, divided into two group of 1st September 2019 01 01 when, on December 15, 12 points from.
