Enhanced China-U.S. economic ties benefit both on possible bumpy road

21:15, December 13, 2010      

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As the 21st session of the China-U.S. Joint Commission on Commerce and Trade (JCCT) is to start here on Tuesday, experts say the two nations will further improve their economic ties and address issues of mutual concern through the high-level dialogue.

It is no exaggeration that collaboration between the world's largest advanced economy and the largest developing country is of critical importance not only to the two nations' businesses and people, but also to the global economic recovery.

Figures from China's Ministry of Commerce show that China and the United States are the second largest trade partner of each other. During the period from January to September this year, bilateral trade value surged 31.5 percent, surpassing the level before the financial crisis.

"China's economic development and the political trajectory are profoundly important in today's world. In virtually every important area of today's world affairs, the United States and the world need China to play a proactive and constructive role from energy security to environmental protection, from climate change to public health," noted Cheng Li, a senior fellow at Washington-based Brookings Institution.

Over the past three decades, the two nations have achieved great progress in cooperation in economic, trade, cultural and other fields.

As the world is facing an uneven pace of recovery with emerging economies like China and India acting as the main engines of global economic growth, many leaders including the International Monetary Fund (IMF) Managing Director Dominique Strauss-Kahn have stressed the importance of global collaboration willingness in the post-crisis era.

During Chinese President Hu Jintao's meeting with his U.S. counterpart Barack Obama in Seoul last month, both agreed that boosting China-U.S. relationship to a higher level, against the backdrop of the profoundly changing international situation, concerns not only the two countries but also the future of the world.

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