Chinese premier says frictions in China-US economic ties are normal

NEW YORK - Chinese premier Li Keqiang on Tuesday said frictions represent only a minor part in China-US economic relations, calling upon the two sides to expand common interest and properly handle differences.

Li made the statement when addressing a welcoming dinner party organized by the Economic Club of New York.

When bilateral trade and investment grow from nearly nothing to its current enormous volume, it is only inevitable that frictions might arise, said Li, who is here for a series of United Nations conferences and engagement with a wide spectrum of Americans.

Frictions are not the dominating element in China-US economic relations but just a minor part of cooperation, the premier told about 1,000 elites of American business.

However, they should not be ignored, and the two sides should work to resolve their differences before they spread to others areas of the relationship, Li said.

On China' s business environment, Li said while complaints from some American business people impressed him, he also read a report by the US-China Business Council which told a different story.

In its annual survey, the council found 90 percent of US businesses operating in China were profitable, up from 85 percent in 2014.

The Chinese premier also cited increased investment by US enterprises in China.

China is still working to improve its business environment for foreign enterprises, Li added.

As part of its overall drive to further open up, China has streamlined procedures for foreign investment, said Li.

The gathering came one day after the premier met with US President Barack Obama in New York, during which Li called for concerted efforts to promote economic and trade ties between the world's top two economies.

Economic and trade cooperation is the "cornerstone" and "propeller" of China-US relations, Li said during their talks.

Enhancing China-US cooperation is in accord with the fundamental interests of the two peoples and the common wish of the world community, he said, while expressing China's willingness to deepen bilateral, regional and global cooperation in various fields.

Obama, for his part, reiterated that his country supports China's reform process and hopes that the two sides can make further progress in bilateral investment treaty negotiations.

Li is scheduled to attend the general debate of the 71st session of the UN General Assembly on Wednesday before heading to Canada to continue his overseas trip, which will also take him to Cuba.