NEW YORK, Dec. 19 (Xinhua) -- The United States and China were urged to show "intelligent diplomacy" to deepen their ties amid challenges as U.S. experts convened for a panel discussion here on Tuesday.

U.S.-China differences can be resolved through negotiation, and the collaboration between the two sides is not only mutually beneficial but also conducive to world prosperity and stability, Chas Freeman, former U.S. assistant secretary of defense, told the panel organized by the New York-based National Committee on U.S.-China Relations (NCUSCR).

"Experience shows that, with intelligent diplomacy, such disputes with China can be resolved by negotiation," said Freeman, a fluent Chinese speaker who served as an interpreter for then-U.S. President Richard Nixon on his ground-breaking trip to China in 1972.

The disputes, he added, "will not just cost us dearly," but "could be fatal."

Themed "Reflections on 40 Years," the panel was held to commemorate the 40th anniversary of China-U.S. diplomatic relations. Panelists from business, diplomatic, cultural and academic communities held discussions on the past, present and future of the bilateral relations.

China is a huge potential export market for U.S. goods and services. Meanwhile, Chinese exports to the United States have helped keep consumer prices low and "mitigated the increasing inequality of income distribution" there, noted Freeman, who is also a senior fellow of the Watson Institute for International and Public Affairs at Brown University.

Freeman spoke highly of China's commitment to increasing imports, adding that China is "a valued member of the international community and an active participant" in global governance.

Freeman was joined by many at the discussion in recognizing the benefits from the development of China-U.S. relations.

David Lampton, a professor emeritus and director of China studies at Johns Hopkins University, emphasized the significance of keeping the momentum of academic and educational exchanges in the ties.

With "350,000 Chinese students in the United States today" paying "13 billion U.S. dollars annually for tuitions and fees," he noted, education "has become a big export item."

"No matter what happens today, tomorrow, or the next day, there is this human plug between our two societies," Lampton added.

U.S. business legend Maurice R. Greenberg, drawing on his decades of experience in doing business in China, said that he had faith in the win-win cooperation between China and the United States.

Founded in 1966, the NCUSCR is a non-partisan, non-profit organization dedicated to the promotion of understanding and cooperation between the United States and China.

Tuesday's event attracted more than 100 attendees, including many experts who have made contributions to the bilateral ties.