China open to dialogue, cooperation with US to promote steady economic relations: official

BEIJING, Nov. 22 (Xinhua) -- China is ready to engage in dialogue, expand areas of cooperation and manage differences with the United States to promote steady and sustained development of bilateral economic and trade relations, China International Trade Representative and Vice Minister of Commerce Wang Shouwen said Friday.

That will be based on mutual respect, peaceful coexistence and win-win cooperation, Wang said at a press conference.

He added that China will also firmly safeguard its sovereignty, security and development interests in the process.

The Chinese and U.S. economies are highly complementary, Wang said, emphasizing the critical importance of their relations.

Maintaining balanced, healthy and sustainable economic and trade relations would benefit not only people of both sides but also people from all countries around the world, he said, adding this is in line with the expectations of the international community.

Moreover, Wang highlighted China's capacity in dealing with external shocks, largely owing to its resilient and vibrant economy that has great potential. China is building a "dual circulation" development pattern, which takes the domestic market as the mainstay while allowing domestic and international markets to reinforce each other, he said.

History has shown that raising tariffs on Chinese goods cannot resolve the tariff-imposing country's trade deficit; instead, it leads to higher prices for imported products and inflation, with the burden ultimately falling on consumers, Wang said.