Closer Sino-U.S. economic ties boon to both sides, global recovery

Against the backdrop of an intertwined global economy and eurozone debt crisis risks, experts believed that deepening economic ties between the United States and China is critical to the prosperity of both sides and global economic recovery.

BROAD COMMON INTERESTS

During his U.S. visit in January 2011, Chinese President Hu Jintao said that "under the current circumstances, our two countries have broader common interests, shoulder higher common responsibilities, and face more severe common challenges than at any time in history."

Fostering 21st century economic and foreign policy ties with China was a "defining global strategic issue" for the United States, the U.S.-China Business Council (USCBC), a leading bilateral business organization, said in a report.

Carla Hills, former U.S. trade representative of the Bush administration, said: "We have enormous needs on both sides for mutual understanding. Most of the big issues we face require efforts on both sides."

"We ought to be working together" on a broad range of areas confronting the global community including rebalancing world economy, fiscal sustainability of the United States, climate change, environment, nuclear proliferation and others, Hills said in a recent interview.

According to figures of China's Ministry of Commerce, trade between China and the United States has made strides in the past years. China's trade with the United States, the country's second largest trade partner, rose to 446.7 billion U.S. dollars in 2011, a 16-percent growth over 2010 and a sharp increase from the 80.5 billion dollars 10 years ago.

U.S. Vice President Joe Biden last year pointed out that trade between his country and China supported more than 500,000 jobs in America in 2010, a boost to reduce high unemployment.

DEEP INTEGRATION

U.S. Treasury Secretary Timothy Geithner used a Chinese proverb "share fortunes together, meet challenges together" at the opening session of the third round of the China-U.S. Strategic and Economic Dialogue (S&ED) in May last year to call for closer cooperation.

Experts said interdependence between the world's largest developed economy and largest developing country has grown exponentially, and a long list of global challenges could not be tackled without commitment and collaboration of the two nations.

"If one of us sits out, it won't be done," Hills stressed, adding that it was "absolutely imperative" for the world's two largest economies to sit down for deep discussion and policy coordination, as the two economies are closely entwined with each other.

"I am a great believer that if you talk long enough, you will find solutions agreeable to both sides," Hills added.