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China Focus: Cooperation key to future Sino-U.S. ties: analysts (2)

By Li Laifang and Wang Xiaojie (Xinhua)

08:37, November 05, 2012

The economic sector serves as another good example. In the first nine months, bilateral trade between the two nations grew 9.1 percent year on year, compared with a slight fall in trade between China and the European Union and Japan, according to China's Ministry of Commerce.

China has long been the second-largest trade partner of the United States, and vice versa. China has been the fastest growth market for U.S. exports for the past 10 straight years, the ministry said. The volume of bilateral trade is expected to surpass 500 billion U.S. dollars in 2012.

However, the two partners have encountered a number of business disputes, such as the U.S. imposition of heavy tariffs on Chinese tires in 2009 and solar panels this year. China has levied anti-dumping duties on U.S. chicken products and auto imports.

"Such trade disputes will still arise in the future given the economic conditions," predicted Niu Xinchun, a researcher with the China Institute of Contemporary International Relations in Beijing.

In its early years,the Obama administration had high expectations of China in terms of cooperation as it saw the energy of a rising power, according to Wu.

"But it seemed that the United States felt it did not get the expected results from China on such issues as the trade imbalance and the appreciation of China's currency Renminbi," the researcher added.

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