Enhanced China-U.S. economic ties benefit both on possible bumpy road

%3CP%3E%3CFONT%20face%3DVerdana%3E%3CFONT%20face%3DVerdana%3EAs%20the%2021st%20session%20of%20the%20China-U.S.%20Joint%20Commission%20on%20Commerce%20and%20Trade%20%28JCCT%29%20is%20to%20start%20here%20on%20Tuesday%2C%20experts%20say%20the%20two%20nations%20will%20further%20improve%20their%20economic%20ties%20and%20address%20issues%20of%20mutual%20concern%20through%20the%20high-level%20dialogue.%20%3CBR%3EIt%20is%20no%20exaggeration%20that%20collaboration%20between%20the%20world%27s%20largest%20advanced%20economy%20and%20the%20largest%20developing%20country%20is%20of%20critical%20importance%20not%20only%20to%20the%20two%20nations%27%20businesses%20and%20people%2C%20but%20also%20to%20the%20global%20economic%20recovery.%20%3CBR%3EFigures%20from%20China%27s%20Ministry%20of%20Commerce%20show%20that%20China%20and%20the%20United%20States%20are%20the%20second%20largest%20trade%20partner%20of%20each%20other.%20During%20the%20period%20from%20January%20to%20September%20this%20year%2C%20bilateral%20trade%20value%20surged%2031.5%20percent%2C%20surpassing%20the%20level%20before%20the%20financial%20crisis.%20%3CBR%3E%22China%27s%20economic%20development%20and%20the%20political%20trajectory%20are%20profoundly%20important%20in%20today%27s%20world.%20In%20virtually%20every%20important%20area%20of%20today%27s%20world%20affairs%2C%20the%20United%20States%20and%20the%20world%20need%20China%20to%20play%20a%20proactive%20and%20constructive%20role%20from%20energy%20security%20to%20environmental%20protection%2C%20from%20climate%20change%20to%20public%20health%2C%22%20noted%20Cheng%20Li%2C%20a%20senior%20fellow%20at%20Washington-based%20Brookings%20Institution.%20%3CBR%3EOver%20the%20past%20three%20decades%2C%20the%20two%20nations%20have%20achieved%20great%20progress%20in%20cooperation%20in%20economic%2C%20trade%2C%20cultural%20and%20other%20fields.%20%3CBR%3EAs%20the%20world%20is%20facing%20an%20uneven%20pace%20of%20recovery%20with%20emerging%20economies%20like%20China%20and%20India%20acting%20as%20the%20main%20engines%20of%20global%20economic%20growth%2C%20many%20leaders%20including%20the%20International%20Monetary%20Fund%20%28IMF%29%20Managing%20Director%20Dominique%20Strauss-Kahn%20have%20stressed%20the%20importance%20of%20global%20collaboration%20willingness%20in%20the%20post-crisis%20era.%20%3CBR%3EDuring%20Chinese%20President%20Hu%20Jintao%27s%20meeting%20with%20his%20U.S.%20counterpart%20Barack%20Obama%20in%20Seoul%20last%20month%2C%20both%20agreed%20that%20boosting%20China-U.S.%20relationship%20to%20a%20higher%20level%2C%20against%20the%20backdrop%20of%20the%20profoundly%20changing%20international%20situation%2C%20concerns%20not%20only%20the%20two%20countries%20but%20also%20the%20future%20of%20the%20world.%20%3CBR%3EChina%27s%20rapid%20economic%20growth%20is%20good%20for%20the%20U.S.%20workers%2C%20and%20the%20U.S.%20government%20is%20committed%20to%20improving%20bilateral%20economic%20relationship%20with%20China%2C%20U.S.%20Commerce%20Secretary%20Gary%20Locke%20said%20earlier%20this%20month%2C%20adding%20that%20in%20the%20oncoming%2021st%20session%20of%20JCCT%2C%20the%20two%20nations%20would%20seek%20to%20further%20nurture%20and%20improve%20the%20important%20bilateral%20economic%20relationship.%20%3CBR%3EHowever%2C%20this%20year%20has%20seen%20a%20string%20of%20trade%20and%20currency%20protectionist%20moves%20on%20the%20U.S.%20side%20targeting%20China%2C%20which%20put%20the%20highly-intertwined%20bilateral%20ties%20on%20a%20bumpy%20road.%20Meanwhile%2C%20Washington%20has%20not%20recognized%20China%27s%20market%20economy%20status%20and%20has%20maintained%20restrictions%20on%20the%20export%20of%20U.S.%20high-tech%20products%20to%20China%2C%20the%20long-lingering%20issues%20between%20the%20two%20countries.%20%3CBR%3EChina%20and%20the%20United%20States%20have%20a%20wide%20range%20of%20economic%20and%20trade%20ties%2C%20and%20the%20two%20sides%20need%20to%20make%20persistent%20efforts%20to%20address%20bilateral%20ties%20in%20a%20realistic%20and%20concrete%20way%2C%20noted%20Kenneth%20Lieberthal%2C%20director%20of%20the%20John%20L.%20Thornton%20China%20Center%20at%20the%20Brookings%20Institution.%20%3CBR%3E%22Trade%20war%20would%20be%20a%20disaster%20and%20a%20currency%20war%20would%20be%20very%20damaging%2C%22%20he%20added.%20%3CBR%3EExperts%2C%20including%20President%20of%20the%20National%20Committee%20on%20U.S.-China%20Relations%20Stephen%20Orlins%2C%20have%20pointed%20out%20that%20the%20common%20bilateral%20interests%20are%20overwhelmingly%20complementary%20and%20much%20more%20important%20than%20the%20differences%20between%20the%20two%20nations.%20%3CBR%3EAnalysts%20believe%20that%20as%20the%20Chinese%20economy%20undergoes%20a%20structural%20change%20and%20moves%20up%20the%20global%20export%20value%20ladder%20in%20the%20coming%20years%2C%20both%20nations%20can%20broaden%20cooperation%20in%20new%20energy%2C%20bio-technology%20and%20many%20other%20areas.%20%3CBR%3EThe%20growing%20Chinese%20market%20is%20also%20of%20critical%20importance%20to%20the%20U.S.%20government%27s%20set%20goal%20of%20doubling%20its%20exports%20within%20five%20years.%3CBR%3E%3C/FONT%3E%3C/P%3E%3C/FONT%3E