国内英语新闻:Hu's visit sketches blueprint for China-U.S. ties

The economic link has been crucial in China-U.S relations in the past. So it is now and it will be in the future.

Wang Yong, director of the Center for International Political Economy of Peking University, said closer economic and trade relations were the engine and ballast stone for China-U.S. ties.

If their economies and cooperation developed at the current rate, the interdependent China-U.S economies would also become a powerful driving force and stabilizer for the world economy, Wang said.

During Hu's visit, the two countries agreed to establish a comprehensive and mutually beneficial economic partnership, and leaders on both sides exchanged views on extensive issues on economic and trade ties, including macroeconomic policy, exchange rate policy, open trade and investment, intellectual property rights, and government procurement -- together reflecting the comprehensiveness of their economic relations.

Chen Fengying, director of the World Economy Institute of CICIR, said the comprehensiveness was also displayed as the two sides reached consensus on such global economic issues as pushing forward the Doha Round global trade negotiations, reforms of the international financial system, and strengthening G20 cooperation.

"The China-U.S. joint statement showed both sides' willingness to continue pursuing forward-looking monetary policies with due regard to the ramifications of those policies for the international economy. The United States also supports China's efforts over time to promote inclusion of the RMB in the SDR basket," Chen said.

"Both sides will further strengthen economic cooperation in the Asia Pacific region, which will expand the China-U.S. economic interaction to a more broad range," Chen said.

"Today, our economies are entwined, and so are our futures," U.S. Secretary of State Hillary Clinton was quoted by the cnn as saying.

Meanwhile, British newspaper The Guardian said China-U.S economic relations were considered as interdependent relations rather than solely a trade partnership.

Currently, the United States is China's second largest export market and its major source of investment. In 2010, China's exports to the United States reached 280 billion U.S. dollars, with more than 30 Chinese companies becoming listed on U.S. capital markets.

In the meantime, China is the U.S.'s third largest and fastest growing export market. As the total volume of U.S. exports to China reached 100 billion dollars, 500,000 jobs were created in the United States thanks alone to manufacturing and agricultural exports to China.

How will China and the United States be partners, and cooperate to achieve complementary development and common prosperity?

In the long run, China's economic prosperity will be positive for the U.S. in its exports, investment and employment. For example, China will continue holding a huge number of U.S. treasury bonds, which is key to stabilizing the status of the dollar.

Also, China's growing domestic demand has become a driving force to pull the U.S. out of its economic woes. Moreover, China's further development needs the help of U.S. technologies, capital and markets.

A bigger "economic pie" could not only fuel U.S. and Chinese businesses' growth, but also boost the economic partnership between the world's two major economies, said Doug Oberhelman, chief executive officer of Caterpillar, the world's leading maker of construction and mining equipment.