Continued bilateral trade benefits China and US: Minister


"Many American and western friends think that China can't live without the US, and they're half right", Zhong said at the press conference, held on the sidelines of the annual legislative session of the National People's Congress.

Ross is an outstanding entrepreneur and negotiator.

"I am willing to deal with excellent people as they are good at handling issues from the long-term and strategic perspectives", Zhong said in Beijing.

"Any form of protectionism is not in line with the interests of the two countries", he said.

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He expressed the belief that the two countries' leaders and governments will make the right judgement on bilateral trade ties, pledging efforts to guide China-US economic and trade ties in the right direction. "It will be a disaster for the global economy", he added.

Zhong stressed that USA also relies on China and that the growth of US exports to China in recent years has exceeded the growth of Chinese exports to the U.S.

Despite President Donald Trump's harsh rhetoric against existing trade deals, insisting that the U.S. is getting the short end of the stick, many economists say Trump weakened the USA and strengthened China when he withdrew the United States from a massive Asia-wide trade agreement known as the Trans-Pacific Partnership, or TPP.

He also cautioned against misunderstanding the symbiotic relationship between the two economic giants.

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China's exports for January and February combined rose 4 percent from the same period a year ago, while imports surged more than 26 percent, suggesting solid improvement in demand domestically and overseas.

Data shows both trade and investment volume have notably surged.

The billionaire politician has repeatedly accused China of using unfair trade policies to steal jobs from the United States, threatening to retaliate with massive tariffs unless Beijing changes tack. In the same period, bilateral service trade exceeded $110 billion and two-way investment amounted to $170 billion.

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