US to be largest trade partner

The report said the two nations are complementary to each other, and enhanced ties will benefit both sides.

It suggested that in the next 10 years China and the US should expand cooperation in agriculture, tourism and science and technology - particularly in areas related to energy; jointly advance the Doha Round talks; and conduct negotiations over bilateral free trade agreement. It also encouraged Chinese investment in the US, especially in infrastructure.

"Enhanced bilateral economic cooperation would generate huge commercial benefits for either side and create millions of jobs in both countries," said Tung Chee-hwa, chairman of the China-US Exchange Foundation.

China and the US are each other's second-largest trade partner. In 2012, China-US trade reached $484.7 billion.

China's cumulative outbound direct investment in the US' non-financial sector reached $10 billion by the end of 2012, while cumulative US direct investment in China stood at $70 billion, according to the Ministry of Commerce.

"We all agree that we want to see the US-China relationship succeed. We have made progress in some of the bilateral issues. We have not yet in my mind filled our full potential," said Myron Brilliant, executive vice-president and head of the international affairs at the US Chamber of Commerce.

Carlos Gutierrez, former secretary of commerce, agreed. He said that China-US relations are "very much like a marriage. We are still in the early years What we've done in the past 30 years is very small compared to what we can do together in the next 30 years".

China and the US are heralding a new period of development. China is committed to expanding domestic consumption and to advancing urbanization, and the US plans to add jobs and expand exports in addition to conducting massive infrastructure projects.

According to Gary Locke, the US ambassador to China, the two countries "are so economically interdependent, and that will not change".

Huo Jianguo, president of the Chinese Academy of International Trade and Economic Cooperation, said: "China-US cooperation does not only matter to the two countries, it is extremely important to help stabilize global growth."