From 1995 to 2004, the amount of American exports to China tripled from $11 billion to $33 billion, growing across practically all major categories. Service sector exports also expanded from $3 billion to $7 billion during that period.

However, the U.S. share of world goods exports to China dropped from 12 percent to 9 percent over those years, losing ground mostly to Asian exports.

Meanwhile, a new consumer survey by McKinsey & Company finds that Chinese consumers are eager to spend on big-ticket items like flat-panel TVs, apartments, and cars.

The survey of nearly 6,000 Chinese from 30 different cities showed that between 10 and 15 percent plan to purchase or upgrade mobile phones and desktop computers in 2006. Nearly 9 percent say they'll purchase apartments within that time, and 8.1 percent will buy a flat-panel TV. In addition, 2.4 percent say they plan on buying a car in 2006.

The results are somewhat surprising, given that the Chinese are typically big savers.