Make sound economic ties cornerstone of Sino-US relations

As Barack Obama has been sworn in for a second term, hopes were renewed for the United States and China, the world's two largest economies, to expand cooperation to benefit the two countries and the world at large.

Economy is perhaps the area where the two countries have most of their converging interests and where they have achieved substantial gains through cooperation.

Although spats grew over trade deficit and the Chinese currency, U.S. multinationals have been reaping handsome profits in the Chinese market, and American families owe their high living standards at least partly to high-quality but low-price products made in China.

China and the United States are each other's second-largest trade partner, with bilateral trade expected to hit a record high of 500 billion U.S. dollars in 2012. U.S. imports and investment in China have spawned new businesses, ideas and technology, and quickened China's integration into an increasingly interconnected global economy.

The world's biggest and the second largest economy have also made tremendous efforts to tide over the international financial crisis since late 2008. After four years of cooperation, the global economy is in better shape and begins to show encouraging signs of recovery.

Yet frictions occasionally arise between Beijing and Washington. In a modern international system, differences are common and quite natural for such big countries as China and the United States. If they can manage to narrow their differences through negotiation and consultation, they will find enormous opportunities to bring forth win-win results.

Ahead of us, in 2013, is the still lackluster economic conditions in most Western countries, while emerging markets, especially those in Asia, boast robust growth. With its vast consumption potential, China can be a valuable partner for America to further stimulate economic vitality and create jobs.

If the United States and China could join hands to make their communication smoother and cooperation deeper and broader, they can make great contributions to the well-being of the two peoples as well as the rest of the world.

As leaders of both countries understand, interdependence of the two economies demands closer policy coordination and dialogue. Beijing and Washington can work together to resist protectionism, take advantage of foreign competition, and ensure that political calculation does not get in the way of economic cooperation.

Now, after a once-in-a-decade leadership transition, China is eyeing change to upgrade its economic structure, boost consumption, and further open up its market. It has the common goal with America to achieve strong, balanced, and sustainable growth, and offers new opportunities.

The mutually-beneficial nature of China-U.S. economic cooperation makes it ballast for bilateral ties and a cornerstone for strategic mutual trust. Despite challenges ahead, China and the United States will hopefully carry on their cooperation to tap opportunities, boost growth, and promote world prosperity.