Mapping out the path ahead
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However, at the top of the agenda were economic and trade issues, which have long been the bedrock of Sino-US ties. Despite the ups and downs of their broader ties, economic and trade links between the two countries have always demonstrated huge vigor, which has resulted in enormous and tangible benefits for both.
The consensus between Hu and Obama to build a comprehensive and mutually beneficial economic partnership bestows on the two countries the responsibility to push forward and expand bilateral cooperation. The $45 billion in trade deals inked during President Hu's visit will not only create 230,000 jobs in the US, but will also inject a new vitality into already-booming bilateral economic and trade cooperation.
China is the US' fastest-growing export market and the two countries are soon expected to be the other's largest trading partner. Smooth economic and trade cooperation and strengthened coordination on macroeconomic polices have not only increased their common interests, but have also played a positive role in the global economic recovery and development after the financial crisis.
One of the major areas of friction between the two countries has been their respective monetary policy. Prior to President Hu's visit, some US Congress members were still accusing China of currency manipulation and calling for punitive measures, even though China's yuan exchange rate is not the source of its huge trade surplus with the US.
And in an interview with the US media before his trip, President Hu said that US monetary policy will have "important influences on global liquidity and capital flow" and that "the dollar should keep a reasonable liquidity". He stressed the US' responsibility in maintaining the stability of the dollar's exchange rate.
In the joint statement China said it will continue to promote exchange rate reform and enhance yuan exchange rate flexibility, and promote the transformation of its economic development model, while the US affirmed it would focus on reducing its medium-term federal deficit and ensure long-term fiscal sustainability, and maintain vigilance against excess volatility in exchange rates.
Due to their different national conditions, social systems and historical and cultural backgrounds the problems that have long existed between China and the US will not be resolved by a single summit.
Indeed, the closer the ties they develop, the more likely problems are to show up. Only by cultivating strategic mutual trust and pursuing a win-win relationship in a positive and constructive manner can China and the US relations maintain a cooperative partnership on the right track.
The author is assistant president and a research professor with the China Institute of Contemporary International Relations.
