China's economy has grown at an average rate of 10 percent per year for the last fifteen years, the highest growth rate in the world
The staggering growth has lifted hundreds of millions out of poverty and transformed an agricultural society into one of the world's most dynamic, industrial markets.
Total trade in 2004 was more than $1.1 trillion, making China the world's third-largest trading nation, after the United States and Germany.
China today has the greatest openness to trade of any large economy
The United States is one of China's largest trading partners, and the two countries have managed their complex trade relationship: But tensions are still rising among U.S. officials over the U.S. trade deficit with China, $162 billion in 2004.