U.S. trade mission to China to focus on clean energy
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Forty-six U.S. business executives, led by U.S. Commerce Secretary Gary Locke, began a 10-day trip to China Saturday to promote clean energy technologies, which in Locke's words, will be a win-win scenario for both countries.
The delegation, the first cabinet-level trade mission of the Obama Administration, will make stops in Hong Kong, Shanghai and Beijing.
"We hope to have various signing ceremonies throughout the trip," Locke said before departing the U.S.
The mission comes on the heels of the Obama administration's National Export Initiative, which seeks to double American exports over the next five years -- supporting some two million new jobs in the process.
According to the U.S. Commerce Department, the mission aims to promote exports of leading U.S. technologies related to clean energy, energy efficiency, and electric energy storage, transmission, and distribution.
"Energy is a 6 trillion dollar market. And green energy is the fastest growing sector. The race to develop the new technologies the world will one day rely on is a race that this nation and all developed nations must engage in," Locke told reporters at a press conference Wednesday.
The top U.S. trade official said the increased trade with China, especially cooperation on clean energy sector, benefited both countries.
"Every American should know that when a U.S. clean energy company finds success abroad, it creates more jobs here at home in the United States," Locke said. "In fact, some of the companies on this trip produce over 90 percent of the components for the products that they sell overseas right here in the United States."
The trade mission was an opportunity for win-win scenarios for American companies, American workers and the people and the governments of China, he said.
According to statistics released by the Chinese government, bilateral trade between China and the United States grew 9 percent a year in the past five years.
Currently, the U.S. stands as China's second largest trading partner, the second largest export market and the sixth largest source of imports. China is the second largest trading partner of the U.S., its third biggest export market and its number one source of imports.
