Strengthened cooperation and dialogue between China and the Untied States are of great significance for stabilizing the world's political and economic situation, a leading Russian scholar said.

Wednesday's meeting between Chinese President Hu Jintao and his U.S. counterpart Barack Obama on the sidelines of the G20 summit in London will open up new prospects for China-U.S. cooperation, Vasily Mikheyev, head of the Chinese and Japanese branch at the Institute of World Economy and International Relations, said in an interview with Xinhua on Wednesday.

The meeting, held against the backdrop of the global financial crisis, will demonstrate to the world the two countries' cooperation capability, potential and prospects for jointly handling the crisis, Mikheyev said, adding that the two heads of state would also have established personal ties through the talks.

The London meeting is likely to help the two countries yield positive results in global and bilateral cooperation, and cooperation in northeastern Asia, Mikheyev said.

China-U.S. cooperation at the global level, with its focus on dealing with the current economic downturn, bears special importance, Mikheyev said. "No country can stem the tide of the crisis by itself. All countries should make concerted efforts and cooperate with one another," he said.

The summit will contribute to the two countries' coordination in coping with the crisis, and help them establish a new world economic and financial security system to avoid a repeat of the current economic turmoil, he said. Such cooperation will expand to other areas such as global climate change and anti-terrorism.

As to bilateral cooperation, Mikheyev said it was also of significance.

He said China and the United States are very important partners in economy, trade and finance, but they are at odds over the exchange rate of the Chinese currency RMB, the U.S. trade deficit and limits on exports of technological products.

If they make achievements in cooperating on global issues, some bilateral economic disputes between them will subsequently be resolved, and thus a foundation will be laid for them to discuss internal affairs, human rights, military cooperation, traditional and non-traditional security defenses and the fight against piracy, Mikheyev said.

On China-U.S. cooperation in northeastern Asia, he said a transpacific security system is taking shape and the backbones of the system are U.S.-Japan and U.S.-South Korea military and political relations, and the interests of China and Russia in northeastern Asia and the Asia-Pacific region.

The goal of China-U.S. cooperation is to coordinate and unify the mainstay of the system, to gain access to the U.S.-Japan and U.S.-South Korea alliances, as well as to cooperate with Russia. This requires China and the United States to make great contributions and show their political will, Mikheyev said.

If a breakthrough can be achieved in the new transpacific security system, Russia may also engage in the system, including mapping out trust-building measures in the military field and taking part in broader cooperation in financial, ecological and energy security.

China, which is seen by the United States as an important partner in resolving thorny issues in Iran and Afghanistan, has been given priority in the new U.S. administration's foreign policies, Mikheyev said.

He said China and the United States have great potential for cooperation in light of their common interests in dealing with a series of problems, ranging from the global economic crisis to anti-terrorism in Afghanistan and anti-piracy in Somalia.

(Xinhua News Agency April 2, 2009)