Healthy Sino-US Economic Ties Benefit World, Vice Premier Says

Chinese Vice Premier Meets Representatives from the US Chamber of Commerce

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Visiting Chinese Vice Premier Qian Qichen said Monday that a healthy development of the economic and trade relations between China and the United States conforms to the fundamental interests of the peoples of the two countries and benefits world peace and development as well.

Addressing a luncheon hosted in his honor by US businessmen and entrepreneurs in New York, Qian said that economic and trade cooperation between the two countries has developed rapidly, adding that the potential for development is still great.

Qian quoted statistics released by the General Administration of Customs of China as saying that the total volume of trade between China and the United States reached US$74.5 billion last year, a 21.2 percent increase over the previous year.

He said the United States is the second largest trading partner of China, while China has maintained its status as the fourth largest trading partner of the United States. The United States has become the largest source of direct foreign capital investment in China, he added.

Qian said China's entry into the World Trade Organization (WTO) will open a broader prospect for the development of Sino-US economic and trade cooperation, expressing the hope that the United States will take positive measures in easing export control.

He also expressed the hope that the two countries will join efforts in creating a better environment for further development of bilateral economic and trade ties.

On China's entry into the WTO, Qian said China has conducted a series of consultations with WTO members including the United States since last year and hopes for an early agreement, which Qian said will benefit all sides.

He stressed that China has always been serious in implementing international agreements and has always matched words with deeds.

At the luncheon, Qian also briefed the participants of the economic development in China, particularly China's policy on utilizing foreign capital, and answered their questions.