Trade engagement with China benefits US (4)

16:12, January 17, 2011      

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Both win if China, US cooperate on trade, economy

The United States is the largest developed country, and China is the largest developing country as well as the largest emerging market. China-U.S. economic and trade cooperation have brought enormous benefits to both countries.

The difference in the stages of development and the fact that the benefits each can offer the other are complementary serve as the foundation for the continued and stable development of Sino-U.S. economic and trade relations. In the process of economic globalization, the interests of China and the United States have mingled with each other. Development of mutually beneficial economic and trade relations between the two countries is in line with the fundamental interests of both peoples and will continue to be the cornerstone and the driving force of the development of bilateral relations.

There are broad prospects for China-U.S. economic and trade cooperation. China is in a period of accelerating industrialization and urbanization. It is quickening the transformation of economic growth and pushing ahead with the economic structure transformation. It takes the expansion of domestic demand — especially consumer demand — as the long-term strategy for economic development and the basic starting point.

This process will unleash huge investment demand and consumer demand during the 12th Five-Year Plan period. As the world's largest exporter and second largest importer, China is expected to become the world's largest domestic consumer market in 2020. This undoubtedly means better opportunities and greater development space for U.S. businesses.

Ruey-Bin Kao, Chairman, Motorola (China) Electronics (MCEL), said, Motorola had invested about 1.5 billion U.S. dollars in research and development in China. It has more than 2,700 research and development staff. He said: "The better China develops, the more opportunities we have. Motorola is very optimistic about the Chinese market and looks forward to participating in China's innovation."

General Electric, IBM, Coca-Cola and other large multinational companies are actively engaged in China's structural adjustment, energy saving and emission reduction strategies and offer support in these areas.

"The Chinese government will continue to implement trade policies committed to basic balance between imports and exports. It will further deepen the opening up; step up endeavors in reform and innovation and improve the degree of convenience to create a more optimized, more open investment environment for investors. Foreign enterprises, including those from the United States will share the cake of the growing market with the Chinese companies," an official with China's Commerce Ministry said.

Experts point out that the great achievements in Sino-US economic and trade cooperation are hard won. The United States should adhere to the concept of free trade and oppose trade and investment protectionism in all forms. It needs to re-evaluate and relax export control measures against China as soon as possible.

Foreign investment review ought to be exercised reasonably in order to reduce unnecessary constraints and promote investment cooperation. It needs to continue to strengthen macroeconomic policy coordination with China to jointly promote balanced and sustainable development of the world economy.

The present period is crucial for the deepening of Sino-U.S. economic and trade relations. The development of healthy China-U.S. economic and trade relations will help promote stable economic growth in the two countries and global economic recovery. Only from a strategic and long-term perspective and through the continued promotion of Sino-US economic and trade ties, can greater contributions to the two peoples and even the world be achieved.

At the new starting point, we are full of confidence in the future of economic and trade cooperation between China and the United States.

By People's Daily Online

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