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hinaTradeContactsandExchange*According to the USChina Business Council, the bilateral trade increased from $ billion in 1998 to $ billion in 2023。 it grew times. Figure1AnnualGrowthRateofUSChinaBilateralTrade19982023*China now is world’s thirdlargest economy after the United States and Japan.*China is also now world’s thirdlargest trading nation, following the USA and Germany.*ChinaUS twoway trade accounted for % of China’s total trade amount. *The United States now is China’s largest trading partner. It is also China’s largest export market, and its fourthlargest import supplier. *China is America’s thirdlargest export market and it is also America’s fastest growing export market.*China has passed Canada, bees America’s biggest import supplier. ↗Sourceofthephotos:toys/。,“consultedinMarch2023”.China has gradually shifted its export structure from labourintensive products such as textiles。 shoes。 and toys to capitalintensive goods.USChina trade reached a particularly high level of growth:(1)the years after 1979, when they established formal diplomatic relations(2)in the postCold War era. TotalUSChinabilateraltradeincreasedfrom$billionin1989toover$409billionin2023 China has bee the USA’s largest deficit trading partner, China had a trade surplus with the United States of $ billion in 2023. Trade Disputes and Conflicts Appeared Quarrels before China joined the WTO:China’s MFN status, Chinese exchange rate, IPRIII.BilateralTradeDisputesandFrictionsAfter China joined the WTO: Disputes sent to the DSB Adisputeariseswhenonememberbelievesanotherisviolatinganagreementoramitment▼AppealtotheDSBtoresolvethedispute▼TheDSBwillestablish“DisputePanels”toconsiderthecase(Thepanelswillmakeremendation)▼The“AppellateBody”canamendthepanels’remendationDisputessettled“outofcourt”,orremaininaprolongedconsult