Second, mutual benefit has been the most salient feature of China-U.S. economic and trade cooperation. There is a view which suggests that China is the winner and the United States the loser in bilateral economic and trade relations. Such a view does not square with facts. China has indeed benefited a lot from its growing business ties with the United States over the past 40 years, especially the past 33 years since the establishment of diplomatic relations. So has the United States. Both China and the United States are winners. This is a truly win-win situation.

First of all, the large import of quality and inexpensive goods from China has helped the American people improve their real spending power and living standards and contributed to the efforts of the United States to maintain growth. According to the findings of the U.S.-China Business Council, economic cooperation and trade with China has served to propel economic growth and keep consumer prices relatively low in the United States. Business cooperation with China has, in effect, added an extra $1,000 to the annual disposable income of each American household.

In addition, the growing China-U.S. business ties have created lots of job opportunities in the United States. Available statistics show that between 2001 and 2010, over 3 million new jobs were created in the United States thanks to exports to China. Chinese companies in the United States have also contributed to job creation. For instance, the West Basin Container Terminal in Long Beach, Los Angeles, invested by China Shipping, has altogether offered nearly 10,000 job opportunities for the United States. China's Wanxiang Group has invested in roughly 30 projects in the United States, providing some 5,000 jobs locally. The opening of the Haier Industrial Park in South Carolina in 1999 by China's Haier Group has created over 1,000 jobs for the city of Camden, with at least one employee coming from every 10 Camden households. Let me give you another example. In 2009, a renowned U.S. multinational ran into serious difficulties. Yet its joint venture in China was the market leader, whose product sales represented the largest source of revenue for the parent company. The profits of its joint venture in China gave the company the much needed cash flow and confidence. It eventually pulled itself together and returned to the stock market, thus saving tens of thousands of jobs for the company and its associated businesses in the United States.

Third, structural complementarity is the greatest advantage in China-

U.S. economic and trade cooperation. China's large reserve of skilled workforce and its potential as a late starter in the market make China a major manufacturing base in the world. The United States, on its part, boasts the most sophisticated high-end manufacturing industry and modern service industry, as well as the world's biggest consumer market. Our two economies are cut out for each other, making our cooperation all the more necessary and all the more beneficial to both sides. China views and approaches

China-U.S. economic and trade cooperation as well as frictions from a strategic and long-term perspective. We have worked hard to offer the necessary conditions for the smooth growth of our business ties and address problems that have occurred. The various bilateral dialogue and cooperation mechanisms have enabled us to conduct timely and in-depth exchange of views on overarching, strategic and long-term issues of shared interest. They have played an important role in helping us build consensus, resolve differences and advance cooperation, and contributed to promoting strong, sustainable and balanced growth of the world economy and strengthening global economic governance.