International Buisness Between China and USA Essay

International Buisness Between China and USA - Essay Example Trade Issues†). Traditionally, China was regarded as a closed economy and it was not contributed to the international business. However, in present days, China is considered as one of the biggest business nations internationally. China’s incorporation in the international economy and progressive capture of the market ideologies had been initiated by the US political and financial commitment. The economic development of China has helped to widen and extend the business associations between the US and China at every level for the welfare of both countries (United States Trade Representative, â€Å"U.S.-China Trade Relations: Entering a New Phase of Greater Accountability and Enforcement†). Statement of Problem The paper will describe the trends of business relationships between the two nations i.e. ... In the year 1979, the total business between the US and China was approximately US$ 2 billion and it increased to US$ 457 billion by 2010. Presently, China is regarded as the second biggest US business associates and it is the third biggest export market for the USA. The imports had developed much quicker in comparison to export business. The import deficit between these two countries had increased from US$ 10 billion in 1990 to US$ 273 billion in 2010 (Morrison, â€Å"China-U.S. Trade Issues†). The following figure will describe the international business between the US and China from 2000 to 2010: Source: (Morrison, â€Å"China-U.S. Trade Issues†). Merchandise Business between China and the USA The merchandise business between China and the USA had improved considerably with 32.1% increase in 2010, compared to 2009. With the rapid improvement in merchandise exports, China has gradually replaced Japan as one of the merchandise export markets for the US. In the year 201 0, the US export business with China represented almost 7.2% of total exports, a 5.1 percentage increase than 2000 (Morrison, â€Å"China-U.S. Trade Issues†). The following chart will describe the top export business partners of US in 2010: Source: (Morrison, â€Å"China-U.S. Trade Issues†). During recent years, China has remained as one of the fastest rising export markets for the USA. The major categories of export business between China and the USA in the year 2011 were crops, computer and electronic products, chemical products, shipping tools, raw materials and ore. The following table will describe the top most exported products between the US and China in 2010 and 2011: Source: (Turner, â€Å"US-China Trade Continues To Surge in 2011†). Several business analysts have argued that in