The People's Republic of China (2024)

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  • The People's Republic of China
  • China Trade & Investment Summary

    U.S. goods and services trade with China totaled an estimated $758.4 billion in 2022. Exports were $195.5 billion; imports were $562.9 billion. The U.S. goods and services trade deficit with China was $367.4 billion in 2022.

    U.S. goods exports to China in 2022 were $154.0 billion, up 1.7 percent ($2.6 billion) from 2021 and up 39 percent from 2012. U.S. goods imports from China totaled $536.3 billion in 2022, up 6.3 percent ($32.0 billion) from 2021, and up 26 percent from 2012. U.S. exports to China account for 7.5 percent of overall U.S. exports in 2022. The U.S. goods trade deficit with China was $382.3 billion in 2022, a 8.3 percent increase ($29.4 billion) over 2021.

    U.S. exports of services to China were an estimated $41.5 billion in 2022, 5.2 percent ($2.1 billion) more than 2021, and 39 percent greater than 2012 levels. U.S. imports of services from China were an estimated $26.6 billion in 2022, 24.1 percent ($5.2 billion) more than 2021, and 97 percent greater than 2012 levels. Leading services exports from the U.S. to China were in the travel, intellectual property, and financial services sectors. The United States had a services trade surplus of an estimated $14.9 billion with China in 2022, down 17.3 percent from 2021.

    U.S. foreign direct investment (FDI) in China (stock) was $126.1 billion in 2022, a 9.0 percent increase from 2021. U.S. direct investment in China is led by manufacturing, wholesale trade, and finance and insurance.

    China's FDI in the United States (stock) was $28.7 billion in 2022, down 7.2 percent from 2021. China's direct investment in the U.S. is led by manufacturing, real estate, and depository institutions.

      The People's Republic of China (2024)

      FAQs

      Why is China now called the People's Republic of China? ›

      Socialist transformation

      Following the Chinese Civil War and victory of Mao Zedong's Communist forces over the Kuomintang forces of Generalissimo Chiang Kai-shek, who fled to Taiwan, Mao Zedong proclaimed the founding of the People's Republic of China (PRC) on 1 October 1949.

      When did China stop being the People's Republic of China? ›

      The Republic of China (ROC), or simply China, was a sovereign state based on mainland China from 1912 to 1949 prior to the government's relocation to Taiwan, where it continues to be based today.

      Is there a difference between China and the People's Republic of China? ›

      What it means: The People's Republic of China refers to the country as a geographic and political entity. Sometimes it's also appropriate to shorten this to China when it's being used to refer to the historical civilisation and political system in the region of the modern nation-state.

      What was the People's Republic of China in 1949? ›

      The Republic of China retreated to the island of Taiwan by December 1949. The CCP remains the sole ruling party of China, officially the People's Republic of China (PRC), since October 1, 1949. The PRC officially claims Taiwan as its 23rd province as Taiwan Province, People's Republic of China in its constitution.

      Does the US recognize Taiwan? ›

      Though the United States does not have diplomatic relations with Taiwan, we have a robust unofficial relationship.

      Is the People's Republic of China still communist? ›

      The Chinese Communist Party (CCP), officially the Communist Party of China (CPC), is the founding and sole ruling party of the People's Republic of China (PRC).

      What is the actual name of China? ›

      The official name of the modern state is the "People's Republic of China" (simplified Chinese: 中华人民共和国; traditional Chinese: 中華人民共和國; pinyin: Zhōnghuá rénmín gònghéguó).

      Is China communist or capitalist? ›

      Some scholars have described China's economic system as a form of state capitalism, particularly after the industrial reforms of the 1980s and 1990s, noting that while the Chinese economy maintains a large state sector, the state-owned enterprises operate like private-sector firms and retain all profits without ...

      Why is Taiwan called the Republic of China? ›

      During the 1950s and 1960s, after the ROC government had withdrawn to Taiwan, it was commonly referred to as "Nationalist China" (or "Free China") to differentiate it from "communist China" (or "Red China"). Over subsequent decades, the Republic of China has become commonly known as "Taiwan", after the main island.

      Does the US recognize the People's Republic of China? ›

      On January 1, 1979, the United States recognized the PRC and established diplomatic relations with it as the sole legitimate government of China.

      Does ROC still claim China? ›

      The Republic of China government retrieved Taiwan in 1945 back from Japan, then fled in 1949 to Taiwan with the aim to retake mainland China. Both the ROC and the PRC still officially (constitutionally) claim mainland China and the Taiwan Area as part of their respective territories.

      What is the old name for China? ›

      The empire was sometimes referred to as Great Qing but increasingly as Zhongguo (see the discussion below). Dulimbai Gurun is the Manchu name for China, with "Dulimbai" meaning "central" or "middle" and "Gurun" meaning "nation" or "state."

      What was China called before the People's Republic of China? ›

      The Qing dynasty, officially the Great Qing ([tɕʰíŋ] ), was the last imperial dynasty of China. It was established in 1636, and ruled China proper from 1644 to 1912. It was preceded by the Ming dynasty and succeeded by the Republic of China .

      Who did Mao Zedong overthrow? ›

      Mao's forces defeated the Nationalist government, which withdrew to Taiwan in 1949. On 1 October 1949, Mao proclaimed the foundation of the PRC, a Marxist–Leninist single-party state controlled by the CCP.

      What leader created the People's Republic of China? ›

      On October 1, 1949, Chinese Communist leader Mao Zedong declared the creation of the People's Republic of China (PRC).

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