Sustainable and stable progress of China-U.S. economic and trade ties serve the fundamental and long-term interests of the two nations, Chinese Vice Premier Wu Yi said here Thursday.

As the world's largest developing and developed nations, "China and the United States enjoy broad prospects for cooperation in many fields," Wu said in a speech to the welcome banquet hosted by six American organizations.

"Enhanced dialogue and communication between the two sides is not only conducive to the development of our economies, but also beneficial to the sustainable and stable development of world economy," she added.

Talking about the second China-U.S. Strategic Economic Dialogue (SED) held here on May 22-23, Wu said that through the dialogue, "we have furthered our understanding of each other's concerns and position, bridged differences, widened common ground, boosted mutual trust and achieved many concrete results."

In order to let SED play a more active role, Wu said that efforts should be made in the following four aspects. First, to proceed from the general interests and take a long-term perspective to discuss comprehensive, strategic and long-term economic issues of common concern.

Second, to consult on an equal footing and seek common ground while reserving differences and giving full consideration to both sides' concerns. Third, to embrace a vision of development, broaden the converging aspects of interests and realize mutual benefit and win-win.

Fourth, to deepen mutual understanding, enhance mutual trust and continuously broaden consensus.

"The development of mutually beneficial and win-win China-U.S. economic and trade relations is of great significance to the improvement of our people's well-being and comprehensive and sound progress of the China-U.S. ties in the new century," the vice premier said.

The six organizations are U.S.-China Business Council, U.S. Chamber of Commerce, China General Chamber of Commerce-USA, American Bankers Association, American Council of Life Insurers and Financial Services Forum.

About 600 people including U.S. Treasury Secretary Henry Paulson, Commerce Secretary Carlos Gutierrez, Labor Secretary Elaine Chao, and Health and Human Services Secretary Mike Leavitt attended the banquet.

Source: Xinhua