Cooperation serves interests of China, U.S.

Business leaders from China and the United States agreed at a forum here Tuesday that deepening cooperation serves the interests of both countries.

"A deepening U.S.-China relationship is very important," said Li Ruogu, chairman and president of the Export-Import Bank of China, at New York Forum, a gathering of business leaders and thinkers.

He also expressed the belief that there is ample room for the two countries to boost cooperation. For example, he said, the United States could lift restrictions on high-tech exports, and China could encourage Chinese companies to invest in the U.S. infrastructure sector.

Stephen Roach, former non-executive chairman of Morgan Stanley Asia, echoed that as the United States is struggling to create jobs, it "should look at relations with other nations including China."

Patrick Prevost, president and CEO of U.S. high-tech company Cabot Corporation, said Cabot's business in China grew 20 percent in 2011, which also contributed to job creation at home.

"Because we are doing investments in China, we are actually creating jobs in the U.S.," Prevost said, describing China as an "attractive and exiting country" and encouraging U.S. entrepreneurs to invest there.

Commenting on the argument that the Chinese currency "will become the biggest threat to the U.S.," Roach said he would testify before the Congress that he did not think so.

China is the third largest importer of U.S. products and its consumer market is growing rapidly, he noted, stressing that it is a huge opportunity for U.S. businesses.

In the same vein, Li said that compared to pointing fingers at each other, it is more realistic to develop partnership between two countries.

"That's what I am doing now. I am trying to promote investment in the U.S. to help Chinese companies to invest and create jobs. That will solve the problem, the pain of the U.S and the economy," he said.

Initiated in 2010 by global events organizer Richard Attias, who was the producer of the World Economic Forum in Davos for 13 years, New York Forum brings together CEOs, investors, policymakers and experts to explore ways to boost business and growth.