Cooperation between Chinese and American enterprises will produce a win-win result that is mutually beneficial to the two countries, visiting Vice-President Hu Jintao said on Monday.
Numerous statistics have shown there is a very bright future for economic cooperation and trade between China and the United States, he said.
The United States has a strong advantage in terms of capital, technology and management, while China has rich labour resources and a huge market, according to Hu.
"I believe American enterprises in commerce, finance and other sectors will undoubtedly have remarkable achievements in competition for the Chinese market and gain their rightful place and share," said Hu.
The vice-president made the remarks at a dinner hosted by the American Banks Association.
Economic and trade relations and political ties between China and the United States should complement and promote each other, said Hu.
The two countries should strengthen dialogue and cooperation, enhance mutual understanding and trust, properly handle contradictions and differences, and create a favourable political environment for economic co-operation and trade, he added.
Hu encouraged American business people to further expand commerce in China and make new and even greater contributions to China-US trade and the continued development of bilateral relations.
"I want to emphasize that China's entry to the World Trade Organization (WTO) will provide enterprises in other countries with more business opportunities and a better investment environment," said Hu.
"The Chinese Government is firm in its resolution to honour its WTO commitments."
China has completed sorting out relevant laws and regulations by formulating, revising or abolishing some.
On January 1, China's general tariff level dropped from 15.3 percent to 12 percent, covering more than 5,300 tax items, according to Hu.
China's total imports will reach US$1.5 trillion in the next five years and banking, insurance, securities, telecommunications and other service business markets will be expanded, the vice-president said.
China-US economic cooperation and trade have achieved an unprecedented development since the nation began opening up in 1978.
The bilateral trade volume exceeded US$80 billion last year -- an increase of more than 30 times since 1979 when the two countries established diplomatic ties.
The number of US-invested projects in China is now 33,000, with a total actual investment volume of US$35 billion.
(China Daily May 1, 2002)
