(Ако желаете да прочетете статията на български език, натиснете тук.)
For years, analysts have predicted that the 21st century will be the “Asian century.” Without a doubt, non-Japanese Asian economic growth over the last three decades has been astonishing. While past growth doesn’t necessarily determine future success, economic forecasts expect the region to continue its positive trend for years to come, albeit at a more moderate pace. Policy makers further seem to be aware of the fact that sustained growth requires constant legislative and diplomatic backing. The move of Chinese President Xi Jinping’s to accelerate a new round of bilateral investment talks with the United States, in this context, is an encouraging sign that lawmakers across the region are willing to provide the support necessary to keep the momentum going.
Currently, trade and investments between the world’s two largest economies is already substantial. According to recent data, the approximate value of goods traded between the U.S. and China in 2013 reached $562 billion. In comparison, the combined trading volume between the U.S. and Japan, South Korea, Taiwan, and India amounts to only 80% of Sino-American trade. The size of U.S.-Chinese economic partnership is the more astonishing as there are still considerable political and regulatory differences between the two nations that prevent an even closer relationship. A prime indicator that there is still plenty of room of improvement in U.S.-Chinese relations, economic and otherwise, is the lagging investment sector. US foreign direct investment (FDI) in China, in fact, decreased by 7% from 2011 to 2012 to $51 billion and while China’s FDI in the US increased by 38% over the same time period, it still has only now broken the $5 billion mark.
One main reason for the slow pace of direct investment, which both sides are hoping to address in an upcoming summit, is the continued skepticism on both sides concerning foreign involvement in strategic industries and continued tensions over economic espionage, human rights, and foreign policy in the Pacific. While the two super powers may be at odds politically, for the purpose of increasing trade and investment both nations agree that it is in their best interest to speedily ease restrictions. Aside from purely national interests, increased cooperation between China and the United States is also in the interests of the international business community, as it will further open markets and drive future economic growth around the world.
As the economic well-being of both countries becomes increasingly intertwined, it is foreseeable that the presence of U.S. businesses in China and vice versa will continue to grow. For export driven businesses that means to be prepared and plan ahead now otherwise you might fall victim to the old proverb: “If you fail to plan, then you plan to fail.”
So get ready and update your marketing strategies, brochures, websites, contracts and manuals to meet the demands of the Chinese market.
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For more than 20 years, EVS Translations helps companies to eliminate barriers and do business in China or with Chinese corporations in the U.S. successfully and effectively by providing specialist Chinese translations completed by professional translators. Regardless if your Chinese translation project is 1 page or 1000 pages, our in-house staff of more than 70 translators, proofreaders, and DTP specialist will ensure that your Chinese translation projects are delivered on-time every time.
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