U.S. promises high-tech exports to China

U.S. promises high-tech exports to China

Summary: The United States has more than 2,400 restrictions on exporting high technologies to China and had a $295.5 billion USD trade deficit to China in 2011, up 8.2 percent from 2010.

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TOPICS: Networking, China
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U.S. Treasury Secretary Timothy Geithner has pledged that the U.S. would soon take substantial action to ease the export controls to China, according to Zhu Guangyao, Chinese Finance Deputy Minister. “As far as I know, this was a promise made very explicitly and I believe that it will help balance the U.S. trade deficit to China once the policies are fully implemented.”

The U.S. now has over 2,400 restrictions on exporting high technologies to China and had a $295.5 billion USD trade deficit to China in 2011, up 8.2 percent from 2010.

"It is difficult for two countries to balance bilateral trade if there are too many export restrictions between them," said Chinese Commerce Minister Chen Deming. “I hope I'll have enough patience, and that the day of easing the export controls is not far off."

Neither country has yet elaborated on the details.

Before the Sino-U.S. dialogue, the U.S. had considered exporting commercial satellite technology, but China was not on the buyers list.

"It seems that the U.S. is still fine-tuning its economic policies toward China, which makes the dialogue more meaningful at the moment," said Song Hong in a talk to Dong Fang Daily. Song is a researcher at the Institute of World Economics and Politics of Chinese Academy of Social Sciences.

"It will be a breakthrough to further deepen the economic and trade ties between the world's two biggest economies," said Song. "Meanwhile, because 2012 is an election year in the US, this round of talks is more important than ever because it will probably lay the foundation for the two countries' future relationship."

Topics: Networking, China

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9 comments
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  • How STUPID can the U.S. be?

    Now this has GOT to be the DUMBEST thing I've ever heard! Obama and minions are just continuing to destroy the U.S. and this just goes to show how far they are willing to go. Disgusting!
    howard.blake1
    • Our so-called "leaders"...

      ...have a real talent for selling us down the river. Too bad that they have no talent or interest in serving the American people. And that goes for both political parties.
      sissy sue
    • Integrity

      You actually expect integrity in this system? LOL!
      pete_evangelist
    • Stupid???

      Howard my friend - - Comedian Ron White said it best: "You can't fix stupid!!!"
      puppadave
    • Stupid = Yes, Corporate Exec Greed =Yes, Obama = Maybe

      The question is who open the pandora box here. I wouldn't start blaming to Obama yet, unless I know he is at fault. You seems to be an intelligent guys, so please use your brain and figure it out yourself before blaming who was at fault. If we take a real close look, I would start with the politicians from both parties who raise the flag and have major stakes in it, then we can move to the companies and execs. So, the simple question is if McCain or Romney won the presidency but not Obama, would you actually blame the other two? My answer is no because there are always limitions and compromises even a president has to make in order to satisfy the majority. Many presidents from around the world are no better than puppets. "Deregulate" export restrictions is no different what both parties have been doing since the 70's, mostly for business gain and mainly GOP's interests. I believe everyone in this forum would agree it's the most stupid thing rather than evil. It's true they try to balance the deficit, but they can't even tell weight the end consequences. Does Alan Green Span rings the bell, anyone? Since the outsources and hacking, the foreigners pretty much have everything already. Now, they have a real legit to sell the stolen technologies back to US for cheaper price. Let's just say that I view a politician is not better than a car salesman. Worse yet, many of them are short sighted. I sure have to think carefully what I would like to kid to grow up and be.
      anonymous99
  • wow...just wow

    How is this supposed to help us? If you want to balance trade between the countries, make the imports from china meet the same safety regulations as producers in the US have to meet. Its ironic that it is cheaper to buy catfish exported from China than local US catfish due to the US catfish having to pass numerous safety rules that the chinese imports do not have to meet.

    China seems to take good care of its manufacturers (been there, was impressed how they handled some things). If we did the same thing they did, which is to require any company that wants to sell something here, must make at least 40% of it here, we would be better off. Not to mention charging a VAT on imports like the rest of the world does....grrrrrrrr the darn politicians are idiots
    pantherfan690
  • Pass the ammo and praise the toy

    This is the finest idea ever! We supply the commies in China (Our 'strategic partners', no less!) with the high tech they need to continue mucking about with our privacy and security systems, and in return we get crappy plastic toys coated with child killing paints and pet foods that poison our best friends.

    Giving these devious characters our high tech is roughly equivalent to supplying the Third Reich with the Norden bombsight, and we can expect the use to which it's put to be every bit as beneficial to us.

    I mean, who could ask for a better deal than that?
    iouzero
  • stupid or evil?

    It appears to be a mix of stupid and evil.

    The US execs are eager to ship our knowledge and capital goods to Red China, India, etc., because they keep expecting to make huge profits from those numerous populations. They've been thinking that for at least 4 decades, but few have shown much of a profit while they ship more and more USA- and Europe-developed knowledge/intellectual property down the rat hole.
    Professor8
  • Follow the money

    Just follow the money to see who is really behind this.
    I have never understood the "logic" of us selling goods to a country whose people make less than $10 a day. They can't buy our goods. The country can though and resell it back to us.
    Again, who is really making money on all of this?
    harrim47