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U.S.-China ties to improve under re-elected President Obama: U.S. official, experts (2)


10:46, November 08, 2012

"The U.S. needs to work with China and has to work with China," Dennis Chookaszian, retired chairman and CEO of CNA Insurance Companies and professor at University of Chicago and Cheung Kong University, said in an interview with Xinhua.

Chookaszian pointed out that the two nations are deeply linked together and inter-dependent on each other. For instance, China needs the U.S. market for its export of products, and the U.S. needs China for the purchase of its debts.

"Pushing the Chinese currency to a higher price will end up in driving the price in the U.S. to a higher level, resulting in inflation," he said.

Chookaszian acknowledged that there was a lot of talk about "standing up to China" during the presidential campaign but he dismissed it as campaign rhetoric.

"In reality, it will be to the best interest of both China and the United Stated that the two countries develop a better trade and economic relationship," he continued.

Moving forward, Chookaszian believed there would be less blockage or fewer attempts to hinder the further development of the relations with China than it was in the past.

David Hale, founding chairman of David Hale Global Economics, told Xinhua that he expected President Obama to have a continuity of his China policy.

He said the trade between U.S.-China had more than doubled over the past five years and believed it to double again in the next few years.

"There will be trade sanctions (against China). But trade issues will come and go," Hale said. "The trade between the U.S. and China will have a steady growth."

Bill Spence, co-chair of the China Committee at Chicago Sister Cities International, considered the re-election of President Obama a "good sign" to the U.S.-China relationship. He said: "The mutual dependency between the U.S. and China will continue in the foreseeable future."

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