In traditional Chinese terms, the Autumnal Equinox means that the real autumn is coming. In this harvest season, Chinese President Xi Jinping will pay a state visit to the US The upcoming trip is expected to help the two countries enhance mutual trust, remove misgivings and promote cooperation so as to guide the two sides to build a new pattern of relations between the major countries, and open a new chapter for Sino-US relations.
As a "propeller" of Sino-US relations, economic and trade cooperation between the two countries is at a new historical starting point. After 36 years of development, the continuous promotion of mutual benefits and win-win results during the bilateral economic and trade cooperation has a more profound meaning.
Icebreaking: shake hands across the Pacific
In 1972, US President Richard Nixon visited China, marking an important step in formally normalizing relations between the US and China.
On December 13, 1978, Coca-Cola signed an agreement with the China Oil & Foodstuffs Corporation (COFCO) at the Peking Hotel, becoming the first US company to operate on the Chinese mainland after the nation began its opening-up policies. Three days later, the two countries released a Joint Communiqué, and then established diplomatic relations on January 1, 1979.
During that period, the economic and trade contact between the two sides experienced a process of gradual increase. In 1972, the bilateral trade volume of the two countries was only US$12.88 million, and in 1978, the volume had reached US$990 million.
Sailing: moving forward while exploring
During September to December of 1980, the Chinese government held a large range of exhibitions in San Francisco, Chicago and New York. The whole event attracted more than 700,000 US participants, and generated revenues of almost US$30 million.
During November of the same year, the US government also held a trade exhibition in Beijing, displaying petroleum equipment, agriculture, transportation, electricity, textile and consumer goods.
From 1979 to 1988, the trade volume between the US and China skyrocketed to US$8.26 billion from US$2.45 billion, and the average annual growth rate reached 14.4 percent.
On December 11, 2001, China entered the World Trade Organization (WTO) as its 143rd member. In the same year, the bilateral trade volume between China and the US surged to US$80.5 billion, more than 30 times that of 1979.
Speeding: expanding all-around benefits
Since the start of the new century, Sino-US economic and trade relations have welcomed an unprecedented "golden developing period." In 2014, the trade volume of the two countries set a record of US$555.1 billion, 227 times that of the number in1979.
Currently, China has become the US's second largest trade partner, third largest export market, and largest import source. Meanwhile, the US is China's second largest trade partner, largest export market, as well as the fifth largest import source.
According to current statistics, almost 4.5 million people travel between the two countries each year; over 12,000 passengers travel across the Pacific Ocean everyday and flights between the two countries take off and land every 17 minutes.
Learning: using history as a mirror
We can learn the following experiences from the 36 years of the development of bilateral economic and trade cooperation.
Firstly, leaders of both countries are highly attentive, which creates a good environment. Secondly, the two sides complement each other's economic structure, which establishes a solid foundation. Thirdly, the enterprises from the two countries provide continuous vitality for either side.
Forward-looking: opening a new chapter of Sino-US relations
As the world's largest developing country and the largest developed country, China and the US should hold mutual benefit as the foundation when deepening bilateral economic cooperation. To expand and deepen all-around cooperation, China would like to engage in the following.
Firstly, promote a higher level and higher quality of trade cooperation. Secondly, get rid of friction and divergence in the economic and trade fields. Thirdly, improve the governance system of the global trade. Fourthly, maintain a sustainable and healthy development of the global economy.
President Xi Jinping's upcoming visit to the US is not only a significant step for the two countries to build a new pattern of relations between major countries, but also a key action to promote bilateral economic and trade relationships in a new era.
We hope the two countries will grasp this opportunity to enhance a higher level and higher quality of cooperation in the economic and trade fields. Standing on this new starting point, we have a lot of confidence in future bilateral cooperation.
The writer is China's commerce minister.
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