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, is a sovereign state that was 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.

      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).

      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.

      Is Taiwan its own country? ›

      Prior to 1942, the CCP maintained that Taiwan was a separate nation. Since its establishment in 1949, the PRC has claimed Taiwan as a province and has refused to establish diplomatic relations with Taiwan. The PRC has additionally not ruled out the use of force in the pursuit of unification.

      Does ROC still exist? ›

      The ROC government relocated to Taiwan in 1949 while fighting a civil war with the Chinese Communist Party. Since then, the ROC has continued to exercise effective jurisdiction over the main island of Taiwan and a number of outlying islands, leaving Taiwan and China each under the rule of a different government.

      Is China socialist or communist? ›

      Under Xi Jinping, the Chinese Communist Party styles itself as a socialist democracy.

      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 .

      What countries are communist today? ›

      Today, the existing communist states in the world are in China, Cuba, Laos, Vietnam, and North Korea (DPRK). These communist states often do not claim to have achieved socialism or communism in their countries but to be building and working toward the establishment of socialism in their countries.

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