Xi-Obama meeting to create new climate for world economy (2)

The weekend summit will be a good chance for China to enlighten the U.S. on the efforts and achievements China has made and receive answers from the U.S. regarding China's concerns.

"We're so economically interdependent and that will not change, that cannot change, we cannot go backward," said U.S. Ambassador to China Gary Locke at a Tuesday press conference.

China will overtake Canada and Mexico to become the United States' largest export market by 2022, according to a report compiled by the China-United States Exchange Foundation, the China Center for International Economic Exchanges, the Ministry of Commerce and the U.S.-based Center for Strategic and International Studies.

The report said U.S. exports to China will at least triple from their current level to reach 530 billion U.S. dollars and create a GDP worth 460 billion U.S. dollars for the United States, as well as create more than 3.34 million jobs, an increase of 2.63 million compared to 2010.

Daily bilateral trade has exceeded 1 billion U.S. dollars and the two economies are highly complementary, Locke said at a symposium marking the release of the Chinese version of the report.

"We can find tangible ways to expand our relationship through vehicles like bilateral investment treaties," Brilliant said.

Participants in the recently concluded fourth annual U.S.-China CEO and Former Senior Officials' Dialogue advised conducting a feasibility study for the possibility of building an FTA between China and the United States.

They also agreed that free trade agreements should adopt an open-architecture approach.

"China and the U.S. have no other option but to work together," said Tung Chee-hwa, vice chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC) and chairman of the China-United States Exchange Foundation.