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US-皇冠体育app economic relationship mutually beneficial

(Xinhua)
Updated: 2010-05-24 13:22

WASHINGTON - The US-皇冠体育app economic relationship is one of mutual benefits, and the common interests of the two sides are expanding, Chinese Finance Minister Xie Xuren said on Sunday ahead of the second round of the 皇冠体育app-US Strategic and Economic Dialogue (S&ED).

"The US-皇冠体育app strategic and economic dialogue in Beijing this week will have a major bearing on the sustainable and healthy development of our economic relationship," Xie said in an article published by the Washington Post on Sunday.

The two-day second round of S&ED opened in Beijing on Monday morning.

Special Coverage: 2010 Sino-US Dialogue Related readings:  Hu calls for close 皇冠体育app-US interactions  Geithner highlightes 皇冠体育app-US common interests  Vice premier meets US Federal Reserve chairman  皇冠体育app, US relationship not a zero-sum game

Xie said that since the United States and 皇冠体育app established diplomatic relations, bilateral trade volume has grown nearly 120-fold. US direct investment in 皇冠体育app has topped 63.1 billion dollars, and 皇冠体育app's direct investment in America has also grown rapidly, in tandem with indirect investment in Treasury bonds and other American assets.

He noted that the American and Chinese peoples benefit and entrepreneurs in both countries benefit from the bilateral economic ties.

But differences on some issues are unavoidable.

"皇冠体育app and the United States are in different stages of development and will be for a long time," he said.

Over recent decades, the American industrial structure has been upgraded toward high-end manufacturing and modern services, while its traditional manufacturing industry has gradually shifted to other countries.

Xie said that trade of the two sides are complementary to each other.

"If the United States can loosen its export controls on civilian high-tech products to 皇冠体育app, its export competitiveness can be further improved. This would also help it balance trade with 皇冠体育app," said the minister.

He noted that "Today, the common interests of our countries are expanding," adding that space for new cooperation is open in the bilateral and global spheres in at least three ways.

First, 皇冠体育app and the United States must focus on global economic stability and recovery, which is threatened by the European sovereign debt crisis.

Second, both countries are transforming their economic development patterns. 皇冠体育app is expanding domestic demand and pursuing scientific development.

Third, 皇冠体育app and the United States are key stakeholders in the establishment of an equitable, open and fair international economic order.

During the second round of S&ED, US and 皇冠体育app will exchange their views about promoting a strong recovery and more sustainable, balanced growth; promoting mutually beneficial trade and investment; financial market stability and reform; and reform of international financial architecture.