Sat, February 18, 2012
China > China & World > Vice President Xi Jinping visits US

Chinese VP urges sustained growth of mutually-beneficial Sino-U.S. business ties

2012-02-18 05:17:46 GMT2012-02-18 13:17:46(Beijing Time)  Xinhua English

Chinese Vice President Xi Jinping delivers a speech during the opening of the U.S.-China Economic and Trade Cooperation Forum in Los Angeles, the United States, Feb. 17, 2012. (Xinhua/Lan Hongguang)

LOS ANGELES, Feb. 17 (Xinhua) -- Visiting Chinese Vice President Xi Jinping on Friday called for promoting a sustained, sound and steady growth of the mutually-beneficial Sino-U.S. business ties.

"In this connection, I propose we take steps in the following areas," he said when addressing the opening session of the China-U.S. Economic and Trade Cooperation Forum held in Los Angeles.

First, Xi said, the two nations need to seize market opportunities and promote balanced growth.

Since last year China has been speeding up the shift of economic growth model while the U.S. government is planning to double its exports. "These mutually complementary macroeconomic policy goals offer new important opportunities for China and the United States to deepen economic cooperation and trade."

Secondly, "we need to foster a sound environment and raise the level of two-way investment," said the Chinese vice president. China will further open up its economy and continue to encourage all companies, including those with overseas investment, to engage in fair competition and pursue innovation in the Chinese market, so that they will increase their market share while contributing to technological and social progress.

Xi said China hopes the United States will continue to offer a fair and convenient environment for Chinese investors and make sure that political factors do not interfere with economic cooperation, so that Chinese firms would feel more confident about investing in America.

Thirdly, "we need to expand cooperation and foster new growth areas in China-U.S. business relations," he said. Xi said he hopes that Chinese and U.S. enterprises will seize the opportunities of industrial restructuring in both countries and step up cooperation in such emerging sectors as clean energy and information technology, thus adding fresh impetus to the bilateral business cooperation.

Finally, Xi called for joint Sino-U.S. efforts to address challenges and boost cooperation in global governance. China is ready to maintain and strengthen communication and cooperation with the United States on global economic issues, he said. China is also willing to work together with the U.S. side to tackle regional and global challenges, implement the positive outcomes of the G20 Cannes Summit, and contribute their shares to the reform of the global governance system and sustained growth of the world economy.

The Chinese vice president told the audience that over the past four decades, especially over the past 33 years since the establishment of their diplomatic ties, China and the United States have moved from mutual estrangement to close exchanges, with their interests increasingly intertwined. The two countries now have one of the world's most important and vigorous bilateral relationships with one of the greatest potentials of its kind, he said.h Xi said as he looked back over the years, he found three aspects most impressive in the China-U.S. business relations, with business cooperation as the biggest highlight, mutual benefit as the most salient feature, and structural complementarity as the greatest advantage.

"The mutually beneficial business cooperation between China and the United States is expanding in both scope and scale and is moving toward a higher level," he said, noting that the two countries have long become each other's second-largest trading partners. China has been one of the fastest growing export markets for America for a decade while Chinese firms are getting increasingly enthusiastic about investing in America.

"China has indeed benefited a lot from its growing business ties with the United States over the past 40 years, especially the past 33 years since the establishment of diplomatic relations. So has the United States," said the Chinese vice president.

"Our two economies are cut out for each other, making our cooperation all the more necessary and all the more beneficial to both sides," he observed, adding that the various existing bilateral dialogue and cooperation mechanisms have enabled the two sides to build consensus, resolve difference, advance cooperation, and contribute to global growth and governance.

Xi said China's remarkable achievements over recent decades don't change the country's nature and status as a developing nation.

"We sincerely hope that the United States and the entire international community will appreciate the Chinese people's aspiration to get rid of poverty and make the country prosperous and strong, have confidence in the Chinese people's sincerity and resolve to pursue peaceful development, respect the great value that the Chinese people place on the country's sovereignty, security, territorial integrity and social stability, and support China's peaceful development.

Xi arrived in Los Angeles Thursday afternoon from the central state of Iowa. He started his U.S. visit in Washington D.C. on Monday as a guest of his U.S. counterpart Joe Biden.

The United States is the first leg of Xi's three-nation tour, which will also take him to Ireland and Turkey.

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