Sino-US economic, trade cooperation promising: vice premier

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Last updated at: (Beijing Time) Saturday, December 13, 2003

Sino-US economic, trade cooperation promising: vice premier

A Chinese senior official said Thursday in Beijing that the five principles recently proposed by Chinese Premier Wen Jiabao on the economic and trade relations between China and the United States herald the promising future of Sino-US economic and trade cooperation.

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A Chinese senior official said Thursday that the five principles recently proposed by Chinese Premier Wen Jiabao on the economic and trade relations between China and the United States herald the promising future of Sino-US economic and trade cooperation.

Vice Premier Zeng Peiyan made the remarks at a reception held by the American Chamber of Commerce in China Thursday evening.

Wen Jiabao proposed the five principles Monday on how to achieve mutually beneficial results and solve the trade disputes between the two countries when he visited the United States.

Zeng said that the trade volume between China and the United States has expanded from over two billion US dollars in 1978 to over 100 billion US dollars this year since the two countries forged diplomatic relations 25 years ago, and thousands of US enterprises have invested about 43 billion US dollars in China.

He attributed the achievements in Sino-US trade cooperation to the efforts of the two governments, peoples, entrepreneurs and the American Chamber of Commerce in China.

Zeng, also a member of the Political Bureau of the Central Committee of the Communist Party of China, said that China and the United States are complementary in economy, and there is great potential for economic and trade cooperation.

He noted that as China's reform deepens, US companies will have more opportunities for development in China.

China will further the reform of service industries like sales, retailing, telecommunication and banking, and speed up the development of the western region and northeast industrial bases, he added.

The Chinese government encourages US companies to set up high-tech projects in China, he said.

Zeng noted that both countries should promote dialogues and expand consensus and mutual benefit to push forward the trade and economic cooperation.

The American Chamber of Commerce in China was established in 1920, focusing on promoting trade and investment. It has over 1,500 members from 700 companies.

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Wen proposes principles on Sino-US trade, economic ties

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