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.
Deepening Sino-U.S. trade cooperation will be of great significance for the development of 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.
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 prove 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.