"Nearly 97% of U.S. money for firework imports popped up in China last year, according to U.S. trade statistics. The hard numbers: we paid nearly $200 million for all of our skyrockets, Roman candles, sparklers and other pyrotechnics.
As for the Stars and Stripes, about 88% of our money for American flag imports billowed over to China in 2010. U.S. foreign trade statistics show that the U.S. imported $3.2 million worth of flags, and $2.8 million of that went to our top trade partner.
The U.S. China-Business Council’s website highlights America’s burgeoning trade imbalance over the last decade. In 2001, the U.S. ran up a deficit with China of $83 billion. By 2010 however, that number had more than tripled to $273 billion – the largest trade imbalance the U.S. has ever had with a single country.
So as the U.S. suffers from a trade deficit, how does China enjoy its trade excess?
Well, a good deal of that money is found in its domestic infrastructure projects. As an old China hand, I can tell you that around the country China is building out everything from its national road network and subway systems, to its airports, trains and bridges.
According to Caixin, China currently has about 175 airports across the country. By 2013, it aims to push that number up to 230. That’s like building a brand-new airport in each U.S. state in the next year and a half.
China spent $34 billion on its new high-speed rail line linking Beijing and Shanghai. It just opened on June 30 shunting passengers 1,318 kilometers in just under five hours.
And more than $1.5 billion was floated to build the world’s longest bridge in Qingdao, China. That opened on July 1 and spans 41.58 kilometers.
Yes, indeed, China does have cash flow.
Pretty soon, Beijing will be helping us to build our own bridges. Oh wait…it already does. This month the last segments of the new San Francisco cross-bay bridge to Oakland will be shipped from Shanghai. Scheduled for completion by 2013, projects like these just might be a harbinger of things to come: a China that’s moved on from making our flags and fireworks to our major bridges and buildings." ~ CNN
Wow! That is a staggering amount of trade imbalance $273 billion. Something to think about, when Americans buy "Made in China" American flags, & blow off Chinese fireworks to celebrate United States independence, while we support the Chinese economy.
This is a staggering number.
I've said for years, just as the 20th century was all about the rise of America, the 21st century is all about the rise of China.
We need to accept the fact we are no longer number one.
here's a really good video that explains it so well.
Christopher~ All true.
Nonnie~ Wow! That Video covers the whole cycle.
The US needs to wake up & figure out the jobs situation.
If it was going to trickle down from the wealthy, they have had 10 years of breaks & the job situation worsens.
Can we call that theory disproved now???
Scary stuff, and really dispiriting. I agree with Christopher, we're no longer number one, for sure.
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