China-U.S. common role, shared interests unchanged

The world's eyes are fixed on China.

The country is undergoing a leadership transition which comes just one week after Barack Obama's re-election as U.S. President.

The political events in the world's two biggest economies will undoubtedly have a global impact, as China and the U.S. have a common role to play in maintaining regional and global peace and prosperity.

They also share interests in seeking their own growth while helping to re-balance the global economy against the backdrop of an international financial crisis.

The ongoing 18th National Congress of the Communist Party of China (CPC) will elect a new generation of leaders. Most of them were born and brought up after New China was founded in 1949.

In eight years, they are expected to lead China to achieve the goal of "building a moderately prosperous society in all respects", maintain stable and sustained economic growth, reduce income gap and improve people's lives.

By 2020, China will double its 2010 GDP and per capita income for both urban and rural residents.

Meanwhile, the country is determined to sustain its growth, taking into consideration energy and resource consumption, combating climate change, reducing the pressure on the environment while increasing productivity and efficiency.

China, by successfully restructuring its economy and relying more on domestic consumption and technological advancement to sustain stronger growth, will help re-balance the world economy. Its development will help cushion the impact of the global economic downfall.

China's sustained economic growth will close the gap with the U.S., which is struggling with a domestic economic downturn and growing pressures on the job market.

Will China's rise trigger more anti-China sentiments in the world's largest economy and cloud bilateral ties?

Relations between China and the U.S are apparently one of the most important in the world and have a far-reaching effect on the world order.

The Chinese believe Obama's re-election ensures the continuity of U.S. policy toward China, and offers an opportunity to further improve bilateral ties after four years of increased cooperation, exchanges and contention.

Maintaining sound and stable development of Sino-U.S. relations is in the fundamental interests of both their people and conducive to the peace, stability and development in the Asia-Pacific, and the world at large, according to Chinese leader Hu Jintao as he congratulated Obama on his re-election last week.

Hu said China is willing to work with the U.S. and further progress bilateral relations for the greater benefit of Chinese and American people, as well as people around the whole world.

The world is watching whether Obama's administration, in its second term, will take a more balanced or confrontational approach toward the relationship with China, which was described by Assistant Secretary of State for East Asian and Pacific Affairs Kurt Campbell as the "most consequential" of the next decade.

In today's globalized world, the two biggest economies are highly interdependent, which gives a strong grounding for China-U.S. relations. Despite trade rows and disagreements over currency exchange rates, intellectual property rights infringement and a variety of other issues, both sides are determined in finding, through consultation, solutions to their mutual interests.

Cooperation between the two countries, meanwhile, can help the international community to maintain world order and face up to common challenges like terrorism, climate change, economic turbulence, among others.

As U.S. Ambassador to China Gary Locke said, "The world is looking for leadership from the U.S. and China. Fifty years from now we want the history books to describe our great accomplishments together and not that we failed to act."

Peace and development remain the theme of our times. There might be uncertainties faced by the two countries, the dynamics in their relations remain unchanged. The same is true of their common role and shared interests.