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China to provide more opportunities for U.S. business: vice president

(Xinhua)

17:00, August 19, 2011


Chinese Vice President Xi Jinping (R) and United States Vice President Joe Biden attend the China-US Business Dialogue aimed at enhancing the bilateral trade and economic ties, in Beijing, capital of China, Aug. 19, 2011. (Xinhua/Huang Jingwen)

BEIJING, Aug. 19 (Xinhua) -- China will provide even greater business opportunities for U.S. companies in the next five years, said Vice President Xi Jinping on Friday.

Xi made the remarks while attending the China-U.S. business dialogue with U.S. Vice President Joe Biden.

"It is estimated that in the next five years, China will import commodities worth more than 8 trillion U.S. dollars," he said, noting that China's total retail sales of consumer goods are expected to exceed 31 trillion yuan (5.17 trillion U.S. dollars).

"This will provide more business opportunities for foreign enterprises, including U.S. companies," he said.

Thirty years ago, some U.S. companies chose the Chinese market with extraordinary foresight and gallantry, and they shared the fruits of China's economic growth, he said.

Compared with the past, China now has a better reserve of talent and broader market space, he noted.

He said China will step up the transformation of its mode of economic development and expand domestic demand during the 12th Five Year Plan (2011-2016).

He said an increasing number of powerful and farsighted Chinese enterprises have actively exploited the U.S. market in recent years.

He hopes companies of both countries will enhance cooperation in the areas of energy, environmental protection, infrastructure, biomedicine, financial services and small-and-medium sized enterprises in order to write a new chapter in bilateral economic cooperation.

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