China 2017-11-28T16:18:59+00:00

CHINA

Country Facts
Population
1.37 Billion (2016)*
Language
Standard Chinese or Mandarin
Capital
Beijing
Region
Asia
Currency
Yuan (¥)

*Source: The CIA World Factbook

Trade Indicators
$42.5 Billion in U.S. Exported Services (2014)
$116.2 Billion in U.S. Exported Goods
(2015)
eCommerce Retail Sales Increased 42.1% to US $672.01 Billion (2015)
World’s Third-Largest Advertising Market
47% of 632 Million Internet Users in China Are Online Shoppers

Top Industry Export Opportunities

Agricultural Machinery

China is the largest international market for U.S. food and agricultural products, accounting for 20 percent of all U.S. farm exports. Precision agriculture and unmanned agricultural machinery are growth sectors in China’s agricultural machinery industry as China is looking to reform of its agriculture industry. Poultry and swine related equipment and technology will have market potential given China’s increasing demands for these products.

Aviation

China is the world’s second largest and one of the world’s fastest growing civil aviation markets. The industry has grown at double-digit rates for several years. Commercial opportunities in China’s civil aviation market include commercial aircrafts, engines and parts, MRO (Maintenance, Repair and Overhaul), airport, and general aviation among others.

Construction and Green Building

China is the world’s largest construction market and the United States is China’s second largest source of imports for the construction industry, with a 13 percent import market share. U.S. exports to China are expected to continue to grow in all subsectors through 2017. Some of the best prospects for China’s market include, Green building design, Building energy efficiency retrofits, Green building material production and supply, Integrated energy efficiency solutions, Green building operation and energy efficiency management, Low-carbon neighborhood development design and energy solutions.

Trade Regulations & Customs Information

Tariff Rates: China Customs assesses and collects tariffs. Import tariff rates are divided into six categories: general rates, most-favored-nation (MFN) rates, agreement rates, preferential rates, tariff rate quota rates, and provisional rates. As a member of the WTO, imports from the United States are assessed at the MFN rate.

Customs Valuation: The dutiable value of an imported good is its Cost, Insurance, and Freight (CIF) price, which includes the normal transaction price of the good, plus the cost of packing, freight, insurance, and seller’s commission. Note: China Customs is tasked with assessing a fair valuation to all imports.

Taxes: On top of normal tariff duties, both foreign and domestic enterprises are required to pay value-added taxes (VAT) and business taxes. VAT is assessed on sales and importation of goods and processing, repairs, and replacement services.

Export Controls: The U.S. imposes export controls to protect national security interests and promote foreign policy objectives. The U.S. Export Administration Regulations (EAR) controls certain exports, reexports, or in-country transfers of purely commercial items and dual-use items. U.S. exporters should consult the EAR for information on how export license requirements may apply to the sale of their goods to China.

Source: The International Trade Administration (ITA), U.S. Department of Commerce www.export.gov

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