China important for US business growth: Expert

Syndicated from IANS | Published on Fri, Oct 7 2011 13:15 IST | 154 Views | Add comment

China is becoming increasingly important for the future growth of American companies doing business with China, said a US business expert here.

John Frisbie, president of the US-China Business Council, made the remark Thursday in his speech at the first session of "Focus on China Series" organised by Chicago Council on Global Affairs.

"China is the world' s second largest economy and the third largest export market for the United States. It is growing faster than many other major destinations for American goods and services," Xinhua quoted Frisbie as saying.

Taking the state of Illinois as an example, the trade expert cited the impressive growth rate of Illinois exports to China.

Illinois export to China has grown 496 percent from 2000 to 2010, hitting $3.18 billion in 2010, while the export growth rate to the rest of world is only 51 percent.

In addition, he said that US companies are establishing roots in China as never before to sell to the Chinese market, which results in creating jobs at their US operations and bringing high-quality global standards and business practices to China.

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