Relatively cheap commodities from China have saved the Americans hundreds of billions of U.S. dollars, said Cheng Siwei, vice-chairman of the Standing Committee of the National People's Congress (NPC).

Cheng made the remark at the China-U.S. Business Forum Tuesday.

Cheng cited Morgan Stanley's statistics which say that Americans saved about 600 billion U.S. dollars in the past ten years by using China-made commodities.

He said American people are using Chinese goods in many aspects of life. People jokingly say Americans use Chinese goods all day long, form alarm clock, toothbrush, tooth paste to sneakers, bedding and blankets, all made in China.

It should be noticed, said Cheng, that the peoples of both China and America benefit from bilateral economic and trade cooperation. As for China, it brings more exports and jobs. Cheng said it's of great significance to both China and the U.S.

China buys U.S. treasury bonds, letting U.S. investors use China's foreign reserves. Americans make investments with the money paid by China. In this way, China takes merely the interests while America takes returns. Cheng said it must been acknowledged that Sino-U.S. economic and trade cooperation is beneficial to both sides.

He added that since China is the world's largest developing country and the U.S. is the largest developed country, the relations between the two countries not only have an important bearing on the two peoples but the world peace and development at large.

The China-U.S. Business Forum, scheduled on Feb. 14-15, is co-organized by the People's Daily and China Chamber of Commerce in the U.S. The forum aims to provide a platform for dialogues and exchanges between the political, entrepreneurial and academic circles from China and the U.S.

By People's Daily Online