If sound trade ties between China and the United States could be called the cornerstone of Sino-U.S. ties, sound cooperation between the two countries could also be said to bear the same significance for the world's economy.[Special coverage]
Deepening Sino-U.S. trade cooperation will be of great significance for the development of both China and the United States as well as world prosperity, just as Chinese President Xi Jinping told Chinese and U.S. entrepreneurs in Seattle in the U.S. state of Washington Wednesday.
SINO-U.S. COOPERATION OPENS NEW PROSPECTS
In 1993, the economic size of the State of California alone was about twice as much as the total of China's, and according to the World Bank, China's gross domestic product (GDP) in the year was merely 6.4 percent of that of the United States.
In 2015, when Xi arrived in Seattle, China has become the second-largest economy of the world, with an economic aggregate at about 60 percent of that of the United States.
China and the United States, as the world's largest developing economy and largest developed economy, respectively, are the "twin engines" for global economic growth. In 2014, China contributed 27.8 percent to global economic growth, while the United States contributed 15.3 percent, according to the International Monetary Fund (IMF).
This new economic scenario means that China-U.S. relations are moving into a brand new phase.
Xi and U.S. President Barack Obama reached an important agreement to jointly build a new model of major-country relationship between the two countries when they met at Sunnylands in California in 2013.
In a speech delivered at a banquet in Seattle on Tuesday, Xi called for advancing the new model of major-country relationship between China and the United States and working together to promote world peace and development.
Analysts noted that the foundation for China and the United States to build the new type of major country relationship is increasingly being consolidated as trade relations between the two countries are expanding and deepening.
Currently, there are over 90 bilateral dialogue mechanisms between China and the United States, which cover almost every aspect of Sino-U.S. trade.
A growing number of achievements resulting from pragmatic cooperation between the two countries proves that the joint building of the new type of major-country relationship between China and the United States benefits both countries as well as the whole world.
SINO-U.S. TRADE STRIVES FURTHER AMID CHANGES
Xi arrived in Seattle on Tuesday to start his first state visit to the United States, and his itinerary includes the main cities on the U.S. west coast, from Seattle to Los Angeles, where about half of cargo ships shuttle between the United States and China.
The port of Tacoma near Seattle and the port of San Pedro near Los Angeles have witnessed soaring Sino-U.S. trade in more than 30 years.
In 1979, trade value between China and the United States was a modest 2 billion U.S. dollars, but it exceeded 550 billion dollars in 2014. Currently, China is the United States' second-largest trade partner, third-largest export market and top import destination.
When meeting Chinese and U.S. enterpreneurs in Seattle on Wednesday, Xi stressed that there is great potential in China-U.S. economic and trade cooperation.
Trade between China and the United States is gradually driving bilateral investment.
According to a joint study by the National Committee of U.S.-China Relations (NCUSCR) and Rhodium Group, from 2000 to 2014, investment by Chinese enterprises in the United States was close to 50 billion dollars, and it is expected to reach 100 to 200 billion dollars by 2020 and create 200,000 to 400,000 jobs in the United States.
Judging from the size of the U.S. and Chinese economies, there is still great potential for bilateral investment between the two countries.
Sean Miner, a researcher at the Peterson Institute for International Economics, said that the United States has invested 2 trillion dollars worldwide, but only 2 percent in China, while China, a large investor in the world, has minor investment in the United States.
However, the situation is changing. China and the United States made progress in negotiations on a bilateral investment agreement during the seventh round of the China-U.S. Strategic and Economic Dialogue in June. Xi also said in his speech in Seattle that China and the United States should conclude talks on a balanced and high-level investment agreement as soon as possible.
Currently, a benign cycle of trade and investment has started, and the spotlight falls on industrial cooperation and technical innovations. Against this backdrop, Sino-U.S. cooperation will have new and broader prospects in the future.
SINO-U.S.COOPERATION BENEFITS WHOLE WORLD
Stephen Guilfoyle, a senior broker working at the New York Stock Exchange, told Xinhua that cooperation between China and the United States is very important not only for the two countries, but also for the whole world.
In Thailand, Tang Zhimin, director of China ASEAN Studies under Bangkok-based Panyapiwat Institute of Management, told Xinhua that China and the United States are the top two markets for Thailand's exports, and Thai enterprises will benefit significantly if China and the United States enhance their cooperation.
In Brazil and other countries, experts believed that China-U.S. relations will have a direct influence on the whole world because they are the two largest economies.
In the era of globalization, if China and the United States cooperate, the world will benefit; if China and the United States confront each other, the world will suffer.
In a recent written interview with Wall Street Journal, President Xi said that China and the United States account for one third of the world economy, one fourth of the global population, and one fifth of global trade.
"If two big countries like ours do not cooperate with each other, just imagine what will happen to the world," Xi said, noting that both history and reality show that China and the United States stand to gain from cooperation and lose from confrontation.
Sino-U.S. cooperation not only affects the industrial chains and trade sector, but also the stability of finance markets and global confidence.
From multilateral dialogue mechanisms, strategic and economic dialogues, to the exchanges of visits by heads of state, China and the United States have found a rhythm to promote bilateral trade and economic ties.
Xi's current visit to the United States is part of the rhythm and will help chart the course for Sino-U.S. ties.
