Chinese Foreign Minister Li Zhaoxing said Fridayin Busan that frictions between China and the United States in their trade and economic cooperation can be properly solved.

He based the solution on the condition that the two sides adhere to the principle of "development, equality and mutual benefit," mutually respect and make allowances for each other's concerns, and enhance mutual trust.

He described the frictions as "unavoidable" in the rapid growing bilateral trade and economic cooperation.

Li was responding to the issues which concern the US side, including the imbalance in Sino-US trade, the exchange rate of yuan, the Chinese currency, and protection of intellectual property rights.

He made the remarks while meeting with representatives of the US business circles, who are attending the Asia-Pacific Economic Cooperation (APEC) CEO summit, which started Wednesday with an opening gala dinner and is scheduled to conclude Friday.

The Chinese minister said that at present, China-US relations have by and large maintained their good momentum of stable growth.

He said the two countries' common interests have kept growing, scope of cooperation is expanding step by step, and basis of cooperation has been increasingly consolidated.

"President Bush will visit China tomorrow. I believe the visit will further promote the growth of constructive and cooperative relations between China and the United States," he said.

The Chinese side is willing to join hands with the US side to implement the major consensus reached by the heads of state of the two countries, grasp the common interests, and push ahead their mutually beneficial and win-win cooperation, Li added.

Li also said the rapid growth of Sino-US trade and economic cooperation has tangibly benefited the people of both countries and is an important pillar and driving force for promoting the growth of bilateral relations.

He expressed appreciation for the US business circles that have for years supported and promoted the expansion of Sino-US relations and bilateral trade and economic cooperation.

He said he hopes they will continue to play an active role in this area.

In response, US business CEOs said China's flourishing economy is encouraging and that President Hu Jintao's speech made at Thursday's session of the CEO summit has further enhanced their confidence in expanding their investment in China.

They said they are of the opinion that the frictions in Sino-US trade and economic cooperation can be overcome and will not hinder the growth of bilateral trade and economic cooperation.

They said the US business circles will as always work hard to push ahead with Sino-US relations and bilateral trade and economic cooperation.

The APEC CEO Summit was officially recognized as a sideline event and gained its current name at the APEC economic leaders' meeting in Auckland in 1999.

The CEO meeting has been held annually since 1996 and is now one of the most prominent events of the APEC forum.

At the event, leaders from 21 APEC member economies speak before global business magnetes on issues ranging from economic policy, trade and taxation, while policymakers also have opportunities to receive feedback from them.

Source: Xinhua