It's time to build a new consensus for China-U.S. cooperation

The latest trade talks between China and the United States reveal new hope for the cooperation prospects of the world's two largest economies as trade tensions brought bruises for industries of both countries. Business leaders and officials expressed their views on China-U.S. cooperation at the session "New Consensus for China-U.S. Cooperation" of the China Development Forum (CDF) on Saturday.

Former vice finance minister Zhu Guangyao said the contribution of China and the United States is needed to maintain the existing international order.

Zhu made four suggestions: first, strengthen the strategic leadership of the two heads of state to ensure the stability of China-U.S. relations; second, give full play to the existing four high-level dialogue mechanisms between China and the United States, as well as the existing provincial and state-friendly and cooperative mechanisms.

Former vice finance minister Zhu Guangyao speaks at the CDF, March 23, 2019. /CDF Photo

In April 2017, China and the United States undertook a high-level dialogue mechanism including diplomatic security, comprehensive economic dialogue, cybersecurity and humanities exchange. The current four mechanisms are extremely important.

Third, give full play to the cooperation between business and industry entrepreneurs. China-U.S. trade totaled more than 630 billion U.S. dollars last year, and two-way FDI exceeded 240 billion U.S. dollars. Most of them come from Chinese and American entrepreneurs.

Last, the role of think tanks is significant as it provides policy advice through in-depth and frank exchanges, said Zhu.

Kurt M. Campbell, Chairman and CEO of the Asia Group speaks at the CDF, March 23, 2019. /CGTN Photo

Kurt M. Campbell, Chairman and CEO of the Asia Group, said that competition will be essential, but it is not enough for China-U.S relations.

"One of the most important things the United States and China need to do is to recognize if we do not have cooperation and a vision, an optimistic vision of where we can work together, whether it's space exploration or dealing with climate change or working on simple matters of poverty, it will be impossible for our countries to find a way forward in the future," said Campbell.

(CGTN)