e上海千花坊品茶微信ficial, and the US has reaped substantial benefits from cooperation.
“China-US economic and trade cooperation has reached unprecedented depth and breadth,” the repo
rt said, noting that bilateral trade surged to $633.5 billion last year, about 252 times that of 1979.
Since the current US administration took office, it has ignored that, said Gao Feng, the ministry’s spokesman.
The US has propagated the notion of a “loss” of US trade with China and
uses the deficit as an excuse to provoke economic and trade friction, he said, ad
ding that the study was based on concrete facts and figures showing the nature and causes of the deficit.
The report shows that the US has made great profits from trade with China, Gao said.
The report found that bilateral trade in services exceeded $125 billion in 2018, and
two-way direct investment has totaled nearly $160 billion in the past four decades.