Clinton said that China and the United States are now "in the same boat," referring to their intensified economic cooperation. Ma Zhengang, President of the China Institute of International Studies (CIIS), concluded after her visit that this statement reflected the Obama administration's basic attitude when dealing with Sino-U.S. relations. "Their economic cooperation is now inextricable," he said, explaining that if the U.S. economy declines, China will also feel pain. It also works in the opposite way. Bilateral trade volume was $333.74 billion in 2008, increasing 10.5 percent year on year despite the financial crisis. Besides, China now owns about $700 billion in U.S. treasury bonds, making it America's biggest creditor. Obama recently signed into law a stimulus plan worth $787 billion, almost equal to the amount the United States owes China. During her visit, Clinton encouraged China to buy more U.S. bonds, stressing that they are a safe investment. Obama recently declared in his budget plan that his administration would try to cut the national deficit in half by 2013. Economists estimate the U.S. deficit will grow to about $1.2 trillion in FY2009. China's purchase of U.S. bonds will help Obama implement the new stimulus plan and reach his deficit goal.
The two sides' defense dialogue was shelved in 2008 over a $6.5-billion arms package from the United States to Taiwan. During Clinton's China visit, the two sides decided to resume military communication, starting with a meeting in Beijing from February 27 to 28. "If Washington intends to improve its overall relations with China, it should strengthen cooperation with China in a greater range, including the military field," said Ma from CIIS. He noted that the resumption of military talks would enhance mutual trust in political and security areas.
As the Obama administration pays more attention to climate change and alternative energy, the two sides will enlarge bilateral cooperation in these areas as well. Clinton said during her visit that the United States hopes to work together with China to improve energy efficiency and develop cleaner energy. Chinese experts pointed out that both countries are top energy consumers and they must pay attention to energy and environmental protection problems like carbon dioxide emissions. Their strengthened cooperation in this field will contribute greatly to controlling climate change. |