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People's Daily Online>>Opinion

Interaction essential for stable China-US economic ties

By Zhong Sheng (People's Daily)

16:46, February 22, 2012

Edited and translated by People's Daily Online

It has been 40 years since China and the United States established formal diplomatic relations. At the time, there was no precedent for two countries with distinctly different political systems and cultural traditions to coexist peacefully and achieve common progress. China-U.S. relations have always been accompanied by uncertainty, and it takes time, patience, perseverance, and confidence to eliminate the uncertainty. It also requires the two countries to strengthen the foundations for their cooperative partnership by promoting economic and trade cooperation and other means.

It was clearly noted in the Shanghai Communiqué published in 1972 that both sides should view bilateral trade as an area from which mutual benefit can be derived. The two countries have conducted fruitful trade cooperation over the past 40 years. Their bilateral trade volume had soared from merely 100 million U.S. dollars in 1972 to over 400 billion U.S. dollars in 2011, and is likely to exceed 500 billion U.S. dollars this year. Furthermore, along with the rapid development of China's economy, China-U.S. economic and trade relations have become more balanced, with two-way investment playing a growing role in their trade cooperation. At present, the two economies are highly interdependent.

China-U.S. relations have advanced through a rough and rugged course over the past 40 years, with their economic ties serving as a "propeller" and "ballast." In order to eliminate uncertainty and ensure the stable development of their bilateral relations, the two countries should continue to promote economic and trade cooperation, and enhance the role of such cooperation.

Economic and trade relations, the "ballast" and "propeller" for China-U.S. relations, need to be carefully maintained as well. In recent years, bilateral economic and trade frictions are not infrequent. Occurrence of such frictions is but normal since the economic and trade relations between the two countries are so large in size and highly complex.

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