Passage 2

The U. S.-China economic relationship is entering a new phase. First, U. S.-China economic interdependence is deepening. We need each other more and on a broader number of economic issues. Over the past 5 years, according to U. S. data, U.S. exports to China have grown from $18 to $ 52 billion, while U. S. imports from China have grown from $100 billion to $ 290 billion. Moreover, the United States and China are shaping, and being shaped by, global energy and environmental trends, which have strong economic consequences. //
    Second, whereas trade and investment were once largely a source of stability in bilateral relations, they are now increasingly also a source of tension. In the 1980s, we didn’t have significant trade tensions with China—mainly because we didn’t have much bilateral trade. In a sense, the fact that we have trade tensions reflects a maturing of our relationship and the rapid growth in bilateral trade and investment. We need to manage those tensions effectively in order to keep a steady growth of our bilateral economic relationship.