Latest News:  
Beijing   Sunny    -3 / -12   City Forecast

People's Daily Online>>Foreign Affairs

China and U.S. have "huge potential" for economic cooperation: U.S. Expert

(Xinhua)

13:25, February 06, 2012

WASHINGTON, Feb. 5 (Xinhua) -- China and the United States have "huge potential" for economic cooperation, which should be more market-oriented, a leading economist of a Washington-based think tank said.

"The latest ten to twelve years demonstrated that the potential is huge, and lots have been realized. The liberalization that has occurred has allowed the trade flow to increase dramatically in this direction," Nicholas Lardy, a senior fellow at Peterson Institute for International Economics told Xinhua in a recent interview.

Trade between China and the United States has a solid development base. China's trade with the United States, the country's second largest trade partner, rose to 446.7 billion U.S. dollars in 2011, a 15.9-percent growth over 2010 and a sharp increase from the 80.5 billion ten years ago.

Lardy said that while the global economy is facing intensified downside risks, it is of great importance for China and United States, the two biggest economies in the world, to further expand bilateral economic cooperation.

The two sides need more coordination as they act "in parallel" against the risks, he said, adding that both China and the United States should adopt appropriate policies to sustain economic growth to help the world economy mitigate the negative impact of the eurozone sovereign debt crisis.

Lardy also argued that the economic cooperation should be more "market oriented" rather than government-promoted. The increase of U.S. exports to China was mainly driven by market, Lardy said, "because China is growing so fast, its demand is high, some of the demand is satisfied by imports."


【1】 【2】

Email|Print|Comments(Editor:燕勐)

Leave your comment0 comments

  1. Name

  

Selections for you


  1. People celebrate Lantern Festival

  2. Lanterns lit up around China

  3. Chinese art group performs in Seattle

  4. Protection of intangible cultural heritage

Most Popular

Opinions

  1. Cadmium pollution cleanup measures safe, effective
  2. Chinese consumers fill big Western shoes abroad
  3. Returned migrant workers refill "empty nests"
  4. Luxury shoppers ring alarm bells
  5. Twitter critics confuse politics with business decision
  6. Japan’s actions over Diaoyu Islands will backfire
  7. A reality check on lunar new year
  8. Riding the tide of the times
  9. EP should get fully involved in EU decision making
  10. How can Europe avoid "a lost decade?"

What's happening in China

Cold wave grips Inner Mongolia

  1. Executives detained in financing probe
  2. Residents worried as elevators stall, fall
  3. Hundreds saved from highway snow storm
  4. Police shoot robber after exchange of fire
  5. Five killed after car hits tree in NE China

PD Online Data

  1. Yangge in Shaanxi
  2. Gaoqiao in Northern China
  3. The drum dance in Ansai
  4. Shehuo in Baoji City
  5. The dragon dance