China-US trade talks

China and the United States concluded their latest round of high-level trade talks in Washington on Wednesday.

The world's top two economies have agreed to inject new vitality to their trade and economic relations.

PKG

The 23rd Session of China-U.S. Joint Commission on Commerce and Trade (JCCT) is co-chaired by visiting Chinese Vice Premier Wang Qishan, acting U.S. Commerce Secretary Rebecca Blank, and U.S. Trade Representative Ron Kirk.

In his opening remarks, Wang says the global economy is still facing severe and complex challenges.

SOUNDBITE (CHINESE) WANG QISHAN, Chinese Vice Premier:

"(The global economy is still facing severe and complex challenges, )and the only certainty among the uncertainties is that the sluggish global economic recovery will continue for a long time. To foster economic growth and job creation should be a top priority for all countries. With China and the United States respectively being the largest developing and developed country in the world, further boosting China-U.S. economic and trade cooperation is of critical importance not only to the two economies but also to the global economy as a whole."

Kirk says the JCCT is one of the pillars of the stability in the relationship between the U.S. and China.

Blank says, America and China are now the two largest economies in the world, and the bilateral relationship, particularly the bilateral trade and commerce relationship has never been more important.

Blank called on both sides to use the platform to advance progress towards a balanced and ever growing trade and investment relationship.

At a news briefing, Chinese Commerce Minister Chen Deming explained the country's most concern in bilateral trade.

SOUNDBITE (CHINESE) CHEN DEMING, Minister of Commerce:

"China hopes the U.S. will grant us a fair status in trade and investment, rather than discriminate us. We want to see the lift of hi-tech export ban on China, and security examination transparency of China's investment in America."

The two countries signed two documents during the meeting -- a memorandum of understanding in support of trade cooperation and the second phase report on the statistical discrepancy of merchandise trade.

Both countries are each other's second largest trade partner.

Bilateral trade surged 9.1 percent in the first ten months of 2012, compared with tepid growth in the rest of the world.

Despite a large surplus in trade with the U.S., China, with its vast domestic market, is now the third largest destination for U.S. exports, only behind Canada and Mexico.

Established in 1983, the JCCT is a platform for China and the U.S. to promote trade relations and address issues of mutual concern.

The 22nd Session of China-U.S. JCCT was held in China's southwestern city of Chengdu in November, 2011.