China-US ties should evolve for win-win cooperation: Academic

NEW YORK - The relationship between China and the United States should enter a new era of co-evolution for win-win outcomes, an academic said here Wednesday.

Wang Wen, executive dean of Chongyang Institute for Financial Studies of Renmin University of China, said there must be a mutual feedback mechanism between the world's two biggest economies with industrial complementarity.

At an event held by the China General Chamber of Commerce - USA, a nonprofit organization representing Chinese enterprises in the United States, Wang said China is a country worth having cooperation with, achieving mutual benefit.

Strengthening China-US communication is the only way to achieve common prosperity, the academic said.

There is a wide range of areas for trade cooperation between the two nations. According to statistics from the General Administration of Customs of China, the trade between China and the United States was worth more than $580 billion in 2017, accounting for over 14 percent of China's import and export value.

Extensive cooperation opportunities also lie in the emerging high-tech industries. As of 2017, the number of American unicorns -- startups valued at over $1 billion -- was the largest, with a global share of 42.1 percent, followed closely by China, accounting for 38.9 percent, according to a report by Deloitte and China Venture.

China's economic transformation will continue to drive domestic demand and market expansion. For the United States, China is a great investment market which is still expanding, Wang said.