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China-U.S. economic cooperation maintains "irresistible" momentum: BRICS bank top official

Xinhua, September 21, 2015 Adjust font size:

The economic cooperation between China and the United States is maintaining "irresistible" momentum, a BRICS (Brazil, Russia, India, China and South Africa) bank top official said.

"The irresistible momentum of the China-U.S. economic cooperation has come from the strength of the market and globalization, which is decided by the complementarity of the two economies," said Zhu Xian, vice president of the New Development Bank operated by BRICS countries.

In an interview with China News Service ahead of Chinese President Xi Jinping's upcoming U.S. visit, the former World Bank vice president said China and the United States, the world's two largest economies, enjoy close economic and trade exchanges, with a lot to communicate in their ideas of development.

The United States owns the most advanced mechanism of capital market operation, while China, the world's largest developing country, has accumulated much unique experience in infrastructure development through more than three decades of economic reform and opening up, which the U.S. economy can also learn from, Zhu said.

Compared with one or two decades ago, today the integration, development and complementarity of the two economies have presented new characteristics, Zhu said.

Twenty years ago, China exported to the United States low-end goods, trade and services and the latter, as the world's most advanced economy, exported to China capital and technology; now, China can also export high-end technology and capital to the United States, including investing in the United States, he added.

China and the United States are witnessing a two-way flow of capital and technology. This change does not rest in its quality, but has a rapid speed which is out of expectation, Zhu said.

With the development of the new model of the major-country relationship going deeper, both countries have entered the "new normal" of equal, win-win and cooperative relations, which accords with one's economic and political interests while concerning the other's core interests, Zhu concluded. Endi