China Is a Trade Partner, Not a Trade Enemy

Feb. 16, 2012 - PRLog -- (Los Angeles, CA)—With the visit of China's vice president Xi Jinping to the United States and his meeting with President Obama, there is renewed hope for calming American fears regarding the Chinese superpower, according to one Asian business expert.

"If we can cut through the anti-China rhetoric, most Americans would see the Chinese want to be our friends and business partners," says Stephen Perl, author of "Dancing With the Dragon: The Secrets of Doing Business with China.” "The Chinese are huge admirers of America, and trade and investment between our two countries brings business profits, low-priced goods, and jobs to the USA."

US exports to China grew faster than our exports to any other country in the last several years and are only continuing to accelerate, with almost 10% of all US exports now going to China—this according to Mr. Perl, who is also the CEO of 1st PMF Bancorp (www.PMFbancorp.com), a leading US commercial bank lender, and the CEO of ChinaMart Los Angeles (www.ChinaMartUSA.com ), a platform that assists Chinese companies to invest in and open US companies.

Mr. Perl's PMF Bancorp was a key sponsor of Chinese Vice President Xi Jinping's business delegation’s visit to ChinaMart Los Angeles at LAX on February 16. The event featured a business mixer with representatives from many Chinese factories, the Canton Fair's trading division, and the China Chamber of Commerce for Import/Export of Light Industrial Products & Arts-Crafts (aka CCCLA or QQ). This is the largest chamber of general merchandise in China with over 100,000 active members. The purpose of the event was to encourage trade between the US and China.

There are two spurious accusations levied against the Chinese that Mr. Perl and others in the business community believe must be refuted:

1. DEBT: Many Americans believe China owns most of the US debt. The truth is the Chinese own less than eight percent of the nearly $15 trillion American debt (Japan owns seven percent and England owns three percent). The majority of American debt is actually held by the US federal government (40%) and local and state governments (5%), with American taxpayers and companies (21%) and other foreign governments (17%) making up the rest.

2. IMPORTS: Many Americans believe most of their paychecks go to buying goods and services originating in China. But according to reports from the Bureau of Labor Statistics and the Federal Reserve, the actual number is less than three percent (2.7% worth of imports measured against America's $14.5 trillion economy). In fact nearly 86% of American consumer spending is on products made in the USA.

According to the Office of the US Trade Representative (USTR), exports to China neared $100 billion last year, an increase of nearly a third over the previous year.

Mr. Perl is not alone in his positive attitude toward the Chinese. Erin Burnett, now the anchor of CNN’s "OutFront," pointed out as far back as 2007 that "China is our greatest friend right now. They're keeping prices low, and they're keeping prices for mortgages low too." She made the comment on "Hardball" when she was an anchor of CNBC's "Street Signs."

Stephen Perl's book, "Dancing With the Dragon,” is a how-to that can help struggling American businesses tap into the multitrillion-dollar Chinese market that will be our best export market and client in the future.

About the Author
Stephen Perl is the CEO of 1st PMF Bancorp (www.PMFbancorp.com), a leading US commercial bank lender, and the founder and CEO of ChinaMart Los Angeles (www.ChinaMartUSA.com), the first nongovernment platform that assists and supports Chinese with investing in the US and with US trade. Located at Los Angeles International Airport (LAX), ChinaMart is the largest physical showroom and investment platform of its kind in the US. Mr. Perl actively serves on the County of Los Angeles Board of Governors and the City of Los Angeles Economic Advisory Board. Additionally he is a director on the board of the Commercial Finance Association, the largest commercial lender’s association in the US, and a certified United States Export-Import Bank loan officer.

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