Premier eyes higher-level cooperation between China, US

Chinese Premier Li Keqiang (R) meets with US Vice President Joe Biden in Beijing, capital of China, Dec. 5, 2013. (Xinhua/Huang Jingwen)

Chinese Premier Li Keqiang met with US Vice President Joe Biden on Thursday and said he looks forward to a higher level of economic cooperation between the two countries.

China and the United States should make a breakthrough regarding the bilateral investment treaty (BIT) and cooperate more extensively and on a higher level to open a new chapter for bilateral economic cooperation, Li said during the meeting with Biden, who visited China from Wednesday to Thursday.

From Oct. 21 to 25, the two sides held their tenth round of BIT negotiations. It was the first round since the fifth strategic and economic dialogue in July this year, when a commitment was made to the next stage of BIT negotiations. The negotiations are an opportunity for the United States and China to discuss reform of inbound foreign direct investment (FDI) approval and reciprocity.

On Thursday, Li also urged the US side to "take substantial measures" to lift its restrictions on China-bound high-tech exports and step up cooperation with China on clean energy, including shale gas.

"(China and the United States) should make joint efforts to forge an open, inclusive and robust framework of economic cooperation in Asia and the Pacific," Li said, adding that the two countries should also work together to coordinate with each other on macro economic policy.

China and the United States have been economically complementary for a long time and there is far more cooperation than competition between the two countries, said the premier.

The two sides should respect each other, treat each other equally, keep expanding common interests and appropriately address their disputes to continuously advance the bilateral relationship, he said.

Li said further reform and opening up, as detailed during the Third Plenary Session of the 18th Central Committee of the Communist Party of China, will create new opportunities for economic cooperation between China and the United States.