Official calls for expanding Sino-U.S. economic ties

China and the United States should further expand economic cooperation and boost bilateral trade and investment, resolve existing differences and avoid interferences caused by politicizing economic issues, a Chinese official said Tuesday.

In the face of profound changes in international economic conditions, rising global challenges and interdependence between countries, China and the United States need to maintain stable development in economic ties, said Vice Minister of Commerce Wang Chao.

The two countries should continue macroeconomic policy coordination and work together against trade protectionism, as well as expand common interests and create new space for future cooperation, Wang said while addressing the 2012 China-U.S. Economic and Trade Cooperation Forum.

China has been the fastest-growing market for U.S. exports for 11 straight years, according to Wang. In 2011, China's import volume from the U.S. reached 122.2 billion U.S. dollars.

Meanwhile, contracted U.S. investment in China totalled 162.3 billion U.S. dollars by the end of last year, and direct investment from Chinese enterprises to the U.S. has exceeded 6 billion U.S. dollars, said Wang.

The Chinese and U.S. governments should work for a more fair and favorable commercial environment for enterprises from both sides, and China has always been upholding openness, sincerity and innovative concepts in promoting Sino-U.S. trade ties, he said.