Observers Upbeat about China-US Economic Ties
    2013-06-07 13:17:50     CRIENGLISH.com         Web Editor: Luo Dan


 

Some 600 CEO's from the world's largest companies are gathered in Sichuan's capital Chengdu to start this year's Fortune Global Forum.

As CRI's Su Yi reports, the main focus will be on China's trade and economic cooperation with the rest of the word.

Since 1995, the Fortune Global Forum has convened the heads of global business on the dynamic frontiers of international commerce.

Over 100 companies of Fortune Global 500 come to attend the forum this year, and a big part of companies are from United States, who are especially concerned about the China-US trade relations.

Ge Jun, the Managing Director of Intel China says Intel as an American corporation prefers to start business in China with a huge success.

"Intel started the business in 1980s. This market is big, and there is a huge potential for both Intel and China as well. Now Intel is really a big company with 60 billion US dollars investment in China. I think the success is not only Intel's success, but also the success of China's market and its people. So it's a great win-win."

As Ge says, China has an emerging role to play in the world market and enhanced cooperation between China and US is an important part of economic relations between the two countries.

"We are talking about globalization, governments have to work with each other, because even if they don't cooperate, business will cooperate. Government will have to support business. I know Chinese president and Obama will soon talk about trade issues, so I think we do have up and downs. Overall, globalization will force government to work even closer and together to make business environment better."

China and the US are each other's one of largest trade partners. In 2012, China-US trade reached 484.6 billion US dollars, close 200 times the figure when the two sides established diplomatic relations in 1979.

According to the Ministry of Commerce, China's cumulative outbound direct investment in the non-financial sector in the US reached 10 billion US dollars by the end of 2012, while cumulative US direct investment in China stood at 70 billion US dollars.

He Weiwen is director of China-US-Europe Research Center under International Trade Institution of China of Ministry of Commerce.

"These figures explain that trade and investment between China and US are increasing, both China and U.S. perform better than any other countries in the world in terms of trade growth. It shows there is a complement for each country, which ensures that both benefit from the trade"

He explains at different stages in the China-US modernization quests, both countries have complimentary industrial structures. This fact should facilitate further deepening of bilateral economic and trade cooperation.

He believes that the prospect of China-US trade cooperation is precautious and optimistic, and he says that the meeting of Xi Jinping and Obama will create a better environment for both countries.

"The meeting between two presidents will be of a higher level, not just about the bilateral relations, but on a strategic height. They will exchange ideas on global and multi-lateral issues that they're both concerned with. Through such a dialogue, it will build an atmosphere providing better conditions to the trade cooperation and investment for both countries."

For CRI, I am Su Yi.

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