Complementary economies

As two largest greenhouse gas emitters, China and the US have both promised to reduce their emissions of greenhouse gases, deal with climate change, protect the environment and realize global sustainable development. Cooperation in clean energy will become increasingly important as both sides combat the effects of global warming. The two countries can cooperate in technologies such as carbon sequestration to reduce carbon emissions.

As China's process of urbanization speeds up, Chinese households' demand for agricultural products will rapidly grow, which will also lead to a rapid growth in the demand for animal feed and grains. In 2012, China imported a record 59 million tons of soybeans and 16 million tons of other grains. As China's middle class expands, consumption of meat and poultry will increase steadily. The US' advanced agricultural technologies and management experience can help China support 22 percent of the world's population using 7 percent of the world land.

The US' technology level is far ahead of that of China due to its long-term investment in human resources and research. China is increasing its investment in human resources and research and development, and there is much potential for cooperation between the two countries.

As the two largest energy producers and consumers, the energy output of China and the US accounts for 30 percent of the global total, while the energy consumption of the two countries accounts for 40 percent of world's total. The US has promised to realize energy independence in the next decade, and China also expects to realize that goal in the future. China and the US have common goals in energy security. Both countries promise to guarantee global sustainable development, which will become the main impetus of energy cooperation between them.

The US population is expected to reach 400 million in 2030, while its infrastructure such as highways and public facilities are aging. Infrastructure construction will be a hotspot of China's investment in the US. If China can seize this opportunity, in the next five years China's direct investment in the US may catch up with or even surpass the US' direct investment in China.

Economic and trade relations between China and the US play a key role in the global economic system. As the two largest economies in the world and the two most important engines of global economic growth, economic ties between China and the US are more than merely bilateral relations, and cooperation between them is not only in their own national interests, it is of great significance to global economic development.

China and the US should find more common interests and explore more cooperation opportunities for the benefit not just of themselves, but also the rest of the world.

The author is a researcher with Chinese Academy of International Trade and Economic Cooperation, affiliated to the Ministry of Commerce