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Vice-premier upbeat about prospects of China-US economic cooperation

Updated: Nov 23,2016 5:34 PM     Xinhua

WASHINGTON — Vice-Premier Wang Yang said Nov 22 he is optimistic about the prospects of China-US economic and trade cooperation despite a change in the US government early next year.

“Although there will be a change in the US government, the passion of the US business community for economic cooperation with China has remained unchanged,” Wang said at a luncheon in Washington hosted by the China General Chamber of Commerce USA and the US National Governors Association.

As the business community is the “fundamental driving force” of China-US economic and trade cooperation, Wang said there’s every reason to believe that the future of China-US economic and trade cooperation is “promising.”

Bilateral trade between China and the United States has grown at an average annual rate of over 7 percent over the past eight years amid a slowdown in global trade, bringing huge benefits to the two countries, he said, noting that China has become the largest trade partner of the United States.

US exports to China have supported almost one million jobs at home while the rapid increase in Chinese investments in the United States helped create nearly an extra 10,000 jobs, Wang said, believing that a pattern featuring economic interdependence for China-US economic and trade relations is emerging.

“It is expected that in the next five years, China’s total imports will reach $8 trillion, total foreign investment in China will reach $600 billion, total outbound investments will reach $750 billion, and the Chinese will make over 700 million outbound visits,” said the vice-premier.

All these will bring huge business opportunities to companies of all countries, including the United States, he added.

As long as the two sides stay committed to the principles of non-confrontation, non-conflict, mutual respect and win-win cooperation, Wang said China-US relations and bilateral economic cooperation will surely reach a new peak level, benefiting China and US businesses and peoples further.

“As two major responsible countries, cooperation is the only correct choice for China and the United States,” he said.

Wang made the remarks just one day before the opening ceremony of the 27th session of the China-US Joint Commission on Commerce and Trade (JCCT).

Launched in 1983, the JCCT was the first high-level economic dialogue mechanism between China and the United States. It plays an important role in China-US economic cooperation and in addressing related frictions.