Economy

China-US S&ED, a transpacific conversation for co-op

(Xinhua)
Updated: 2011-05-12 16:18

A relationship to shape the 21st century

In the 21st century, many observers have noted that the relations between China and the US have become increasingly important, not only to the two countries, but to the rest of the world as well.

China and the United States are each other's second largest trading partners. The United States is China's second largest export market, and China is the fastest growing export market for the United States.

Together, the two economies account for around one third of the world's gross domestic product (GDP), and one fifth of global trade.

"China-US economic relationship has far exceeded the bilateral scope and has acquired growing global significance," said Vice-Premier Wang Qishan. "Our two countries differ in history, culture, development stage, resources endowment and national circumstances, but we are highly interdependent and mutually complementary economically."

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US Vice-President Joe Biden pointed out at the opening session of the current dialogue that last year US trade with China supported more than 500,000 jobs in America, a boost to reduce the stubborn unemployment rate that still hovers around 9 percent.

Biden stressed that the world's top two economies are linked by "shared global responsibilities" and that how the two countries manage their relationship would shape the 21st century.

Analysts believe that it could not be denied that two countries still differ in such areas as human rights and that some other disputes such as trade and the currency exchange rate may still come back.

Dialogue, however, is the only approach to bridging their differences and promoting a long-term and healthy development of bilateral relations.

The S&ED is a "unique platform," as it is critical for the enhancement of mutual trust, cooperation and understanding between the two global powers, contends Kenneth Lieberthal, director of the John L. Thornton China Center at the Brookings Institution.

Echoing Thornton's opinion, the Chinese researcher Zhou Qi also confirmed the significance of the S&ED towards the developing China-US ties during the past three years.

She also said both countries could only see through their problems by engaging more conversations and exchanges.

"Both sides agree that the key to developing China-US relations in the new era is to deepen mutual trust, increase high-level exchanges, shoulder responsibilities and tackle challenges," said Chinese Vice-Foreign Minister Zhang.

"My father used to say the only disagreement worse than one that is intended is one that is unintended. That's why it's so critically important we talk to one another honestly," Biden said.

"Through this dialogue and the dedicated efforts of our governments and our people, I believe that history will show that we made progress," Biden said.