China, US are partners in world economy: Locke

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Gary Locke, the United States ambassador to China, said the US invites China to play a significant role on the world stage as he met local entrepreneurs at the China International Fair for Investment and Trade in Xiamen on Saturday.

Gary Locke (left), the United States ambassador to China, talks with local entrepreneurs during the China International Fair for Investment and Trade in Xiamen, Fujian province, on Saturday.[Photo / China Daily]

He added that he hopes the two nations can work together to create stability and development, which will benefit the world as a whole.

Locke said that trade between China and the US has increased significantly in past decades.

"In 1970, when President Nixon first came to China, our yearly bilateral trade was less than $100 million," Locke said.

"Two-way investment was close to zero. Only a handful of American jobs relied on trade with China.

"Today more than $1 billion worth of goods and services flow between the two countries every single day, and there are some 80,000 American jobs that directly depend on trade with China," he said.

Locke said from 2005 to 2011, investment from China to the US increased eightfold, and trade might reach a record high in 2012.

Locke said the US is the most open economy for investors and almost no sector is unavailable to Chinese investment. To attract visitors to the US, Locke said his country will increase the number of visas granted to Chinese by 40 percent to 1.4 million in 2012.

Locke noted that many Chinese entrepreneurs have had successes in the US, such as Cao Dewang, chairman of the Fuzhou-based Fuyao Glass Industries Co Ltd, one of the world's largest automotive glass manufacturers.

Cao has set up several factories in the US and plans to build more.

Locke said he hopes companies can absorb these successful experiences to improve operations in the US.

Locke said Chinese companies would be advised to try to better understand the US market environment before investing there. In some situations, companies might seek advice from experts.

Cao shared his experiences of exploring US markets in talks with Locke on Saturday. Fuyao Glass has 17 years of experience in the US.

He said Chinese companies should first make sure there is market demand for their products. Second, they should form good relations with unions.