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USA, Replacing Hong Kong, Become the Biggest Trading Partner of Dongguan during the First Three Quarters
font size: Biginsmall date:2017-11-14 [Print this page]    [Close]

President Donald Trump finished his visit in China days ago. During his visit, enterprises of both sides have reached economic cooperation worth USD 253.5 billion. According to experts, it breaks the records of China-US and global economic cooperation. It is a sign that more and more high-level cooperation modes will emerge in the future as the development of China-US economic relation.   
The last 40 years of industrialization witness the rapid GDP growth in Dongguan. Even though Dongguan and USA is far apart, we have frequent and close business and industrial relationship with each other. USA has become the second largest trading market of Dongguan. Hong Kong had been the biggest trading partner Dongguan for years. However, according to the latest statistics for the first three quarters, the total trading cooperation between Dongguan and USA has exceeded that between Dongguan and Hong Kong.
 More than A Record-Breaking Order
 China and USA realized a bilateral trade of USD 524.3 billion in 2016. The USD 253.5 billion economic cooperation reached during President Trumps visit is not double a miracle in the history of global trade. It is noted that 15 agreements, memorandums of understanding and purchase agreements in the fields of energy, aviation, agriculture and auto cars have been signed between China and USA.

Dongguan is one of the beneficiaries of these projects. According to a report by Reuters, Qualcomm and Oppo and vivo, the biggest smart phone manufacturer in Dongguan, signed a memorandum of understanding worth USD 12 billion that day. Qualcomm will export its products to three Chinese smart phone manufacturers in the coming three years.
Mr. Bai Ming, deputy director of International Market Research Dept., Chinese Academy of International Trade and Economic Cooperation, told the journalist that these big orders are astonishing. They can only be achieved by the No. 1 and No. 2 economies of the world. In light of international trading partners, China and USA are no double a good match. According to Bai Ming, the USD 253.5 billion economic cooperation is more than a record-breaking order. Whats more, It is a sign that more and more high-level cooperation modes will emerge in the future as the development of China-US economic relation.
    USA, Replacing Hong Kong, Become the Biggest Trading Partner of Dongguan during the First Three Quarters
 According to Dongguan Bureau of Commerce, Dongguan and USA realized a bilateral trade of USD 24.57 billion in 2016, laying a solid foundation for industrial cooperation and trading exchange. Up till now, 269 American enterprises, mainly in the fields of discrete semi-conductor device, electric-assisted bicycle, electronic components and modules, have made investment in Dongguan, including Wal-Mart and DuPont. Likewise, 37 Dongguan-based enterprises have made investment in America, including a production base of Guangdong Wonderful in the County of Wilson. Guangdong Wonderful is the largest ceramic producer in China.  
  Hong Kong had been the biggest trading partner Dongguan for years. However, according to the latest statistics for the first three quarters, the total trading cooperation between Dongguan and USA has exceeded that between Dongguan and Hong Kong. Top seven trading partners of Dongguan in the first three quarters include USA, Hong Kong, EU, ASEAN, Korea, Japan and Taiwan, with a total export to these seven countries and regions of RMB 682.19 billion. To be specific, export to USA, Hong Kong and EU is RMB 114.64 billion (up by 8%), 111.27 billion (up by 5.4%) and 85.39 billion (up by 14.1%) respectively.
Moreover, it is expected that more and more high-level cooperation modes will emerge in the future as the development of China-US economic relation. Early in 2013, Dongguan set up a talent workstation in Silicon Valley. Today, projects from Silicon Valley, such as Launcamidical, PI Photon Industrial Company, Qingneng Photovoltaic have settled down in Dongguan. The Songshan Lake Cup Innovation and Entrepreneurship Contest Silicon Valley Section was launched in Silicon Valley. Besides, Dongguan set up a Trading Office in San Francisco for the purpose of strengthening cooperation in the field of industry and trade with USA.
From the previous USA-Taiwan-Hong Kong-Dongguan mode to the current USA-Shenzhen-Dongguan mode, it is believed that industrial technology will be transferred between USA and Dongguan directly. It will make industrial and technical transfer more efficient in both time and cost.

Source: www.timedg.com


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