Current State:
China is a large, emerging market and is a growing trade partner for Virginia. Chinese companies are beginning to establish U.S. facilities, thereby creating jobs.

Issues Facing Virginia:
• China imported more than $55 billion of American goods in 2006. That's 65 percent more than five years ago, and 78 percent more than 10 years ago.

• In the past 10 years, China has jumped from Virginia's 16th largest export destination to its third largest.

• A recent addition to the World Trade Organization, China now grants fuller market access throughout most industries, reduced tariffs, and greater regulatory transparency.

• Although The Virginia Port Authority, Virginia Economic Development Partnership, and Virginia Department of Agriculture and Consumer Services all have offices in Hong Kong, none have a presence in mainland China.

Task Force Goals:
• Identify ways Virginia business can benefit from the rapid pace of Chinese economic growth.

• Create a long-term plan to ensure Virginia's interaction in the Chinese market in the areas of trade and investment.

Illustrating the Value:
Virginia's exports are enjoying strong growth in China. Maintaining this growth and securing investment into Virginia will position the Commonwealth for continued business success with the world's second largest economy.