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Elite Talk: New possibilities for China-US economic cooperation

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This year has seen impressive development in the China-US economic relationships as dialogues, exchanges and cooperation have been strengthen between the world's top two economies.

The world's biggest developing country and the biggest developed country are both at a pivotal stage for setting a new course for the future, and a strengthened, cooperative economic relationship will not only be beneficial to the two highly complementary economies, but will also make dramatic contributions to the entire world.

Joining the Elite Talk today is Mr. Francisco Sánchez. He is the current Undersecretary for International Trade at the US Department of Commerce and has led international trade missions to China many times. He will share with us his perspectives on the new possibilities for the China-US economic cooperation. Here's our talk.

Zhenyu Li: As you know, the China-US economic relationships have become more positive and constructive since the meetings between Chinese President Mr. Xi Jinping and his US counterpart Mr. Barack Obama in June. So, what do you think are the new possibilities and opportunities for the China-US economic cooperation?

Francisco Sánchez: I think they remain an increased trade, and increased investment, and flowing in both directions. So I think that I'd like to see us look for ways to reduce barriers to trade and barriers to investment. By doing so, China will attract good quality products and services; China will attract companies that can share best practices and know-how. And we the United States in turn wants to encourage Chinese investment in our economy.

And so I think those are some of the goals and objectives that we have. Our two-way trade continues to increase, and I think that's a good thing. Chinese investment in the US economy is growing at a rate of about 70 percent a year. So, as we continue to find ways to grow our commercial relationships, I believe a closer and deeper relationship will bring prosperity to both of our countries.

I am very encouraged at the growth in the US-China commercial relationships.

Zhenyu Li: What type of cooperation do you think should China and the United States have to achieve win-win results?

Francisco Sánchez: Well, I am gonna focus my response on commercial and economic relationships, and I think that China and the United States can play a role in strengthening their own relationships by reducing barriers to trade and investment, but also as the two most important economies in the world, the United States and China can set an example for economic growth through this work of reducing barriers to trade and investment, and by doing so, they'll create opportunities in third countries.

Zhenyu Li: China continues to be the fastest growing economy, while the US is recovering sooner and growing more rapidly than most other developed economies. Their respective performance and bilateral economic relationships will without all questions have a great impact on the global economic landscape.

With their ever-growing converging interests and continued efforts of both their leaderships and citizens, a more prosperous picture of the China-US commercial relationships is expected to unfold in the coming decade.

(This is a reprint from the People's Daily Online of the December 18, 2013 edition.)

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