Leading U.S. companies unveiled new investment projects in China at the beginning of 2011. General Electric (GE) plans to spend more than $2 billion strengthening research and development, setting up innovation centers and opening new joint ventures in China. Proctor and Gamble announced it would invest at least another $1 billion in China during the next five years. Ford said it would expand production in China in 2011. Caterpillar plans to set up a new joint venture and expand its parts business. Starbucks has set a target of opening 1,500 new shops on the Chinese mainland by 2015. The Carlyle Group announced it would create an investment fund for China and increase investment in industry.

Intel China is no exception. Ge Jun, Executive Director of Intel China, said the Chinese Government is promoting the integration of telecom, computer and cable TV networks and the development of the Internet of Things. This will undoubtedly provide new opportunities for the U.S. IT industry. Since Intel established its first office in China in 1985, China has become its second largest investment destination after the United States.

Statistics from China's Ministry of Commerce show, by the end of 2010, the United States had invested more than $65.22 billion in a total of 59,000 projects, making China the profit engine for American businesses.

A survey by the American Chamber of Commerce in China conducted last year says 71 percent of U.S. businesses in China made profits in 2009 and 46 percent of the businesses interviewed said their rate of return in the Chinese market was higher than their global rate.

Since China entered the WTO 10 years ago, the United States has invested in all of the 100 service sectors China has opened. In areas such as accounting, banking, insurance, security and commerce, U.S. companies are making huge profits.

Currently, China is the second largest trade partner and the fastest growing export market of the United States. Latest statistics by China's General Administration of Customs show China-U.S. trade totaled $385.34 billion in 2010, an annual increase of 30 percent. China's imports from the United States reached $102.04 billion, a year-on-year increase of 31.7 percent.

Looking back, we can be clearer about the surge of U.S. exports to China. Statistics from the U.S. Department of Commerce show U.S. goods exports to China jumped from $19.2 billion in 2001 to $71.5 billion in 2008, an increase of 272 percent. During the same period, U.S. exports to other countries and regions increased only 72 percent. In terms of trade in services, the United States has been running a trade surplus with China in recent years. The surplus reached $7.43 billion in 2009, nearly four times that in 2001.