Both U.S., China benefit from bilateral commercial ties: U.S. business leader

WASHINGTON, May 18 (Xinhua) -- Both the United States and China were better off for the development and success of bilateral commercial relations over the past few decades, a U.S. business leader said on Wednesday.

The U.S.-China Business Council (USCBC) and the China Council for the Promotion of International Trade (CCPIT) have achieved magnificent accomplishments together over the past 50 years, "working hard to grow bilateral U.S.-China commercial relations," USCBC President Craig Allen said.

"The success of that work is clear for all to see," Allen said in a video speech to the conference of the 70th anniversary of the CCPIT and the Global Trade and Investment Promotion Summit.

"We have witnessed China's historic economic rise," said Allen, whose organization represents over 260 American companies doing business with China.

"Along the way, American companies have established deep roots of expertise in China, developing supplier networks, technology and talent systems," he said.

"Through our work together, we have helped integrate Chinese companies into the global supply chain, and global supply chains have integrated with China," he added.

Noting that China is the United States' third largest goods trading partner, Allen said that the U.S. exports to China, which hit about 150 billion U.S. dollars last year, include a broad array of goods and services.

"Both of our countries, peoples, and economies are better off for this success and cooperation, and that is beyond doubt," said the U.S. business leader.

Allen noted that American companies continue to focus on China with a long-term view of the bilateral relations.

"This work has not been easy, but our shared objectives and values remain pointed in the same direction -- towards continued growth, productivity, and prosperity," he said.

"For that reason, I remain as confident as ever that we can work together towards a brighter future," he added.