US official: China elite market for US

CNC
Added On October 8, 2014

At the Greater China Business Forum, which kicked off in New York on Tuesday, a U.S. commerce official said that Sino-U.S. trade is right on track and China is an elite market for U.S. exports.
 
Stefan M. Selig, U.S. Under Secretary of Commerce for International Trade, made the remarks in his keynote speech at the forum. 
 
According to Selig, China's urbanization process corresponds with a dramatically transforming economy, which created a huge market for U.S. goods. 
 
SOUNDBITE (ENGLISH): STEFAN M. SELIG, U.S. Under Secretary of Commerce for International Trade
"That economic transformation has led to a massive increase in wages, per capita income and purchasing power, and that has fueled what maybe the most rapid and largest middle class expansion we have ever seen in memory, and has also fueled a rapid and dramatic increase in Chinese demand for U.S. goods." 
 
China is the third largest market for U.S. exports, after Canada and Mexico.
 
Last year, U.S. shipped more than 120 billion U.S. dollars of goods to China.