LONDON – In the more than four decades since President Richard Nixon’s historic trip to China, the United States has become China’s largest export and China is one of the largest markets for U.S. exporters and a source of supply for everything from smartphones to spark plugs.
The following are some examples of the deep economic ties between China and U.S. corporations:
General Motors Co.
More than one-third of the 9.96 million vehicles GM sold globally in 2015 were delivered to Chinese customers. Profits from Chinese operations, including joint ventures, accounted for about 20 percent of GM’s global net income of $9.7 billion in 2015.
Asia, including China, accounts for 20 percent of the heavy equipment maker’s revenue.
Wal-Mart Stores Inc.
The retail giant has 432 stores in China, and has invested in online properties there. CEO Doug McMillon calls China “clearly a strategic market for us.”
The coffee chain has 2,500 stores in China, and outgoing CEO Howard Schultz told investors China will one day be a bigger market for Starbucks than the United States.
The Chicago aircraft maker plans to build a “completion” factory in China, anticipating that the country will need 6,800 new jetliners worth $1 trillion over the next 20 years.
It said last year that it expects sales of about $50 million from China in 2016, and holds a 65 percent stake in an online retailing venture with Hong Kong’s Fung Retailing Limited.
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