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


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."

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