LONDON ¨C In the more than four decades since President Richard Nixon¡¯s historic trip to China, the United States has become China¡¯s largest export and China is one of the largest markets for U.S. exporters and a source of supply for everything from smartphones to spark plugs.
The following are some examples of the deep economic ties between China and U.S. corporations:
General Motors Co.
More than one-third of the 9.96 million vehicles GM sold globally in 2015 were delivered to Chinese customers. Profits from Chinese operations, including joint ventures, accounted for about 20 percent of GM¡¯s global net income of $9.7 billion in 2015.
Caterpillar Inc.
Asia, including China, accounts for 20 percent of the heavy equipment maker¡¯s revenue.
Wal-Mart Stores Inc.
The retail giant has 432 stores in China, and has invested in online properties there. CEO Doug McMillon calls China ¡°clearly a strategic market for us.¡±
Starbucks
The coffee chain has 2,500 stores in China, and outgoing CEO Howard Schultz told investors China will one day be a bigger market for Starbucks than the United States.
Boeing
The Chicago aircraft maker plans to build a ¡°completion¡± factory in China, anticipating that the country will need 6,800 new jetliners worth $1 trillion over the next 20 years.
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It said last year that it expects sales of about $50 million from China in 2016, and holds a 65 percent stake in an online retailing venture with Hong Kong¡¯s Fung Retailing Limited.
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