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Gao Hucheng Granted an Interview to People’s Daily about China-U.S. Trade and Economic Cooperation

People’s Daily published, on February 13, an article with the title of Being Practical and Seek Win-win Results – An Interview with Gao Hucheng, China International Trade Representative and Vice Commerce Minister, and the full text is as follows:

Prior to Vice President Xi Jinping’s visit to the United States, China International Trade Representative and Vice Commerce Minister Gao Hucheng gave an interview to the People’s Daily, and elaborated on China-U.S. trade and economic cooperation. He stressed that, Chinese President Hu Jintao had a successful visit to the U.S. in January of 2011, and reached important consensus with U.S. President Barack Obama on establishing a mutually beneficial cooperative partnership, giving clear direction on the development of China-U.S. economic and trade relations in the new period. Over the last year, the two sides implemented in earnest the consensus the two Heads of state reached, actively explored new cooperation fields, enhanced cooperation level, and made new progress.

Mr. Gao analyzed three features of China-U.S. trade and economic cooperation:

Frequent high-level trade and economic exchanges. In May, 2011, the third round of China-U.S. Strategic and Economic Dialogue was initiated, and the two sides signed China-U.S. Comprehensive Framework for Promoting Strong, Sustainable and Balanced Growth and Economic Cooperation. U.S. Vice President Biden visited China, and exchanged in-depth views with Chinese Vice President on important issues concerning China-U.S. relations in August.

Steady development of China-U.S. trade and investment. China-U.S trade rose to a record high of US$446.7 billion in 2011. Exports from the U.S. to China amounted to US$122.2 billion, a 20 percent growth year-on-year. China and the U.S. are the second largest trade partners to each other. The U.S. is China’s second largest export market and the 6th largest imports supplier. Since 2007, China has been the fastest-growing market for U.S. exports and the focus of U.S. plans to double its exports.

Increasing expansion of Cooperation. Through joint efforts, the two sides have steadily pushed their cooperation in IPR, new energy, energy saving and environmental protection, medicine, smart grid, aviation, project contracting and other fields.

Mr. Gao stressed that essence of trade and economic cooperation of mutual benefit and win-win remain unchanged throughout, though the financial crisis has an impact on it, and the common interests overweigh differences. As the largest developing country and developed country in the world, China and the U.S. should strengthen economic and trade policy dialogue and coordination during the world economy's recovery.

He believes that, to broaden and deepen bilateral economic and trade cooperation, the two sides should strengthen cooperation in the following four aspects:

Firstly, strengthen policy coordination between the two sides. The two sides should maintain and strengthen communication and coordination in the Doha Round negotiations, International Monetary Fund reform and other global economic and trade affairs. He called on the two sides to implement the outcomes of the G20 summit in Cannes and work together to address the challenges posed by Europe's debt crisis in order to dispel the haze of the global financial crisis.

Secondly, promote bilateral trade balance. In recent years, China has been actively promoting the bilateral trade to develop more balanced, and the growth of U.S. export to China is higher than that of its imports from China. In future, China will carry out a more positive opening-up policy. China's import scale will hopefully exceed US$8,000 billion in the next five years and its trade partners including the U.S. will share its business opportunities. China is willing to enhance communication and cooperation with the U.S. to promote trade liberalization and facilitation, so as to improve the trade imbalance, he said. China also hopes the United States will take practical measures to ease its export controls placed on China and expand its exports of competitive high-tech products to China.

Thirdly, enhance two-way investment. We will continue to positively attract foreign investment, step up the opening-up of the market, and try to address U.S. concern on IPR protection, industrial policy and investment environment, so as to provide convenience to foreign enterprises including that in the U.S. China also expects fair and rational treatment from the United States for its enterprises, especially their investment in America, and expects the U.S. to keep review open and transparent to create a sound environment for Chinese enterprises.

Fourthly, expand bilateral industrial cooperation. China will work with the United States to explore the feasibility of cooperation in the fields of energy saving, environmental protection, IT, biology, high-end equipment manufacturing, new energy, new materials, new-energy vehicles, medicine, medical equipment and tourism. China and the U.S. could strengthen infrastructure cooperation under mechanisms.

Mr. Gao said that, looking ahead, the sustainable and balanced development of China-U.S. economic cooperation will continue to be the foundation and drive for the bilateral relations. And it is believed the China-U.S. relations with mutual respects and benefits will bring new prosperity and development for China and U.S. economies, and make greater contribution to the well-being of people of the two countries.

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