Ambassador Zhang Yesui Attends the US-China Policy Foundation Annual Gala Dinner

On November 15, Ambassador Zhang Yesui attended the Annual Gala Dinner marking the 15th anniversary of the US-China Policy Foundation (USCPF) and delivered a speech on China-US relations.

Ambassador Zhang extended his congratulations to USCPF on its 15th anniversary and his appreciation for its contribution to China-US relations over the years. He gave an overview of the development of China-US relations in recent period. He pointed out that President Hu Jintao and President Obama reached the important agreement to work together to build the positive, cooperative and comprehensive China-US relationship for the 21st century during their first meeting in London April 2009. Last week, the two presidents met again during the G20 Summit in Seoul, which is their 7th meeting. Both sides affirmed the importance of China-US relations to both countries and the world and agreed to continue to move forward the relations.

Ambassador Zhang stressed that in advancing China-US relations, the two sides should stick to the right direction, properly address differences and sensitive issues and continue to increase strategic mutual trust. The foundation for strategic mutual trust is to respect each other and treat each other as equals, particularly to respect each other's core interests and major concerns and refrain from taking actions that undermine such core interests. To foster strategic mutual trust requires the two sides to enhance dialogue, communication and mutual understanding, develop a more comprehensive and objective perception of each other's strategic intentions and work to reduce misperceptions.

Ambassador Zhang pointed out that it is crucially important that the issue of trade imbalances be understood within the right context and be addressed properly. The root cause of the trade imbalances is the structural differences in trade and investment, rather than the RMB exchange rate. It is precisely the result of international division of labor and industrial relocation in the era of globalization. What has happened in past years proves that appreciation of the RMB will not solve the issue of trade imbalance for the US, nor will it noticeably reduce the US unemployment rate. China stands for a comprehensive approach to ease the trade imbalances. First, to continue to support each other's economic restructuring. Second, to increase US export of hi-tech products to China. Third, to encourage Chinese businesses to invest in the US.

Ambassador Zhang underscored that the common interests between China and the United States far outweigh the differences. Dialogue and cooperation remain the mainstream of bilateral relations. In the coming months, there will be a host of high-level exchanges between China and the US. The two sides face new opportunities to further elevate China-US relations. Ambassador Zhang stated that the Chinese side looks forward to working with the US side to take forward the relations and hopes that the USCPF and American people in all sectors could continue to support such efforts.

About 200 people attended the event, including members of USCPF and representatives from the US administration, the Congress, think tanks and business circle.

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