Under the deal signed in January 2020, China is committed to buying a further US$200 billion worth of goods and services over 2020-21 relative to 2017's levels, reports Hong Kong's SCMP.
However, according to the report China's purchases of US good in the first five months of the year reached only 69 per cent of the year-to-date target based on Chinese import data, and only 62 per cent of the target based on US export data.
An earlier report in February, compiled by economist Chad Bown said a large part of the phase one trade deal that entered into force a year earlier was a 'failure' after US exports of phase one goods to China in 2020 fell more than 40 per cent short of the target.
Agriculture purchases in the latest report reached 84 per cent of the commitment based on Chinese statistics and 86 per cent on US data. Chinese data also showed that purchases of covered manufactured goods reached 67 per cent versus 65 per cent based on US figures.
Through May 2021, China's total imports of covered products from US were valued at US$56.9 billion, compared with a year-to date target of $82 billion,' the report said.
'Over the same period, US exports to China of covered products were valued at $44.4 billion, compared with a year-to-target of $71.3 billion.'
In May, China trade surplus with the US increased to $31.78 billion from $28.11 billion in April.