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China, US Sign Documents to Boost Trade Ties

Senior officials from China and the United States on Wednesday wound up their one-day consultation on economic and trade issues after signing eight documents designed to boost economic and trade relations between the two countries.


The consultation, officially known as the 15th session of the China-US Joint Commission on Commerce and Trade (JCCT), was jointly chaired by Chinese Vice Premier Wu Yi, US Secretary of Commerce Donald Evans and Trade Representative Robert Zoellick. US Agriculture Secretary Ann Veneman also took part in the talks.


The Chinese and US officials also agreed to set up six working groups within the framework of the JCCT, a mechanism established in 1983, to deal with issues such as China's market economy status, trade remedy measures and protection of intellectual property rights.


"The meeting proved to be a complete success," Vice Premier Wu said at a joint press conference held after the talks.


She said China attaches great importance to its relationship with the United States, and economic and trade ties are an important part of the relationship.


China and the United States have become each other's major trading partners and complement each other greatly in economy with a broad prospect for cooperation, she noted.


Economic and trade cooperation between China and the United States is not a zero-sum game but a win-win relationship of mutual benefit, Wu said, adding that the Chinese side is prepared to work with the United States to advance such cooperation in various fields through better communication and mutual understanding.


Wu said it is not unusual that some trade disputes or friction have appeared during the rapid development of Sino-US economic and trade relations.


What is important, she stressed, is that both sides should treat and handle these issues from a strategic and long-term perspective and show mutual understanding and compromises to avoid the politicization of pure economic and trade issues.


Wu recalled that Chinese Premier Wen Jiabao proposed five principles for guiding Sino-US economic and trade cooperation during his official visit to the United States in December last year.


The core elements of these principles, she said, are development, equality and mutual benefit. China hopes that the JCCT could serve as "a very good platform" for advancing bilateral economic and trade cooperation, the vice premier added.


"This is a landmark day and a very fruitful day in terms of the developing relationship between the United States and China," Secretary Evans said at the press conference.


US officials said the United States will continue to make efforts to expand and strengthen its comprehensive economic and trade relations with China.


The just-ended JCCT meeting, they said, has showed that China is also committed to a stronger economic and trade relationship with the United States.


With rapid and steady economic growth, China has become one of the engines to sustain global economic growth and established a more solid basis for US-China economic and trade cooperation, they said.


(Xinhua News Agency April 22, 2004)


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