China, U.S. to mutually benefit from deeper cooperation in next decade (2)

Dr. Spence said that nothing would be better for the Chinese economy than a healthy European economy and an American recovery; and similarly, America or Europe can benefit from high growth in China.

According to the study, China's middle class is expected to number 630 million by 2022, an increase from 230 million in 2012.

In 2022, U.S. exports to China are projected to generate 456 billion U.S. dollars and more than 2.54 million jobs in the United States.

Separately, the United States can create 35 billion dollars and 610,000 jobs by 2022 if visa restrictions are lifted, allowing up to 10 million Chinese travelers to visit the country per year, up from 1.1 million in 2011.

The report also expected the United States to remain the largest economy in the world by 2022, with a GDP of 21.1 trillion dollars, and China's GDP to reach 17 trillion dollars.

The authors recommended that both countries should launch a study of the feasibility and the benefits of a bilateral free trade agreement and the study should be completed within one year.

Moreover, the United States and China should complete the negotiations for a bilateral investment treaty within one year.

The authors also suggested China establish a special national court exclusively for intellectual property disputes.

The CUSEF was established in Hong Kong in 2008 with the purpose of further improving communications and enhancing understanding between the peoples of China and the United States.