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      The Development of China-U.S. Economic and Trade Ties and the Overall China-U.S. Relations

Economic and trade ties have been an important component of China-U.S. relations and the most active element in the contacts between the two countries.Since the establishment of diplomatic relations between China and the United States in 1979,the two countries' economic and trade relationship has been growing rapidly despite a number of twists and turns in their overall relations over the years.As the economies of China and the United States become increasingly interdependent,economic and trade relationship has functioned as a stabilizer for relations between the two countries.With the deepening of China's reform and the furtherance of its opening up,especially after China's accession to the World Trade Organization,economic and trade contacts between China and the United States will play an even bigger role in the development of their bilateral relations.

    Firstly,the current economic and trade ties between China and the United States are already quite close,and the two countries have become important partners.Since the establishment of the diplomatic relations,especially over the past decade,the two countries have witnessed rapid development in their economic and trade cooperation.Currently,China is the fourth largest trade partner of the United States which,in turn,is China's second largest trade partners.In respect of investment,the United States is the second largest investor in China.

    Secondly,the two countries are highly complementary in economic and trade areas,making it possible for them to share each other's huge market.Given their big differences in the level of development and structure of resources,as well as their respective comparative advantages in labor,capital and technology,China and the United States can reinforce each other's strengths by enhancing their economic and trade cooperation.

    It is true that frictions and disputes still remain in the economic and trade relationship between China and the United States.After China's WTO entry,trade disputes between the two countries will be mostly over specific products and services.Since such frictions and disputes are minor issues,they should not affect the main trend of the economic and trade cooperation between the two countries,still less the overall China-U.S. relations.

    Economic and trade relations and the overall China-U.S. relations are interactive;a rapid development in economic and trade relations can promote the development of the overall relations between the two countries,while normal bilateral relations will create a favorable political atmosphere for the development of their economic and trade relations.Although economic and trade contacts will not automatically mitigate political conflicts,continuous political tension will inevitably affect the further development of economic and trade contacts.The history of the past 23 years since the establishment of diplomatic relations between China and the United States has proved that China-U.S. economic and trade ties will develop rapidly when the bilateral relations are sound and the development of such ties will slow down,come to a standstill or even go backwards when the bilateral relations are otherwise.