Economy

China to be US largest trading partner in a decade: Geithner

(Xinhua)
Updated: 2011-01-15 11:20

WASHINGTON - China is expected to become the United States' largest trading partner in about 10 years and their economic ties are bringing "huge benefits" to Americans, US Treasury Secretary Timothy Geithner said Friday.

"It's very important to understand that this is a relationship with very substantial economic benefits to the United States," Geithner said at a White House briefing.

The secretary said that the US exports to China passed the $100 billion mark in 2010.

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"They are growing at about twice the pace of our exports to the rest of the world," he said. "What that means is our exports to China will double in the next four to five years, and that means China is likely to become our largest trading partner sometime roughly 10 years from today."

The two economies are each other's second largest trading partner now.

"The opportunities American companies enjoy in China are expanding quite substantially," he said.

He said that the United States will talk candidly and openly about its economic concerns with China during President Hu Jintao's State visit to the country next week.

On the other side, China will talk about their concerns and their expectations for how to make sure they have continued access to US technology and US markets, he added.