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Strong Chinese-US economic ties benefit both

Xinhua | Updated: 2013-05-24 16:17

CHICAGO - A former US treasury secretary said Thursday that enhanced Sino-US economic relations would benefit both countries.

Henry Paulson, who headed the treasury department from 2006 to 2009, made the remarks while addressing a forum convened to discuss a study entitled "US-China 2022: Economic Relations in the Next 10 Years."

Paulson described the China-American relationship as the world's most important, with the economic ties as its cornerstone

"The cornerstone of this relationship is an economic relationship, which has benefited both sides and has enormous potential to do so in the future. The key is to build on shared interests while seeking to resolve differences."

The present is a critical moment because both the US and China are at crossroads for economic reforms that are badly needed, Paulson said.

"The good news is that both countries are focusing on rebalancing, and cooperation is desirable, and I am urging great cooperation, each rebalancing for self-interest reasons would in any case put us each in a better place," he said.

If China succeeds, as the study points out, in increasing consumption and completing its transition to a more sustainable growth model, it will continue to provide new markets for US products and bring opportunities for American companies operating in China, Paulson said.

"Each of us of the whole world would benefit if the United States and China work in complimentary ways to strengthen our respective economies," ?he said.

"Working together, they (the two nations) can do more to contribute towards global economic recovery and financial stability, which still eludes us five years after the crisis of 2008," said Tung Chee-hwa, ?a former chief executive of Hong Kong Special Administrative Region and chairman of the China-United States Exchange Foundation which sponsored the study.

The research was aiming at addressing the challenges and identifies potential solutions that will ultimately benefit both US and China in next decade.

"Both countries want to establish a pattern of secure, high-quality, sustainable growth and employment for their people, and this study demonstrates that the bilateral relationship, built and adapted well over time, can make a material contribution to that shared goal," it said.

Zhao Weiping, the Chinese consul-general in Chicago, also attended the forum.

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