China and the United States are facing the best opportunity on economic and trade cooperation as the two countries have furthered constructive and cooperative relations and created favorable conditions for cooperation in all fields, Chinese Vice Premier Wu Yi said in Beijing Tuesday.

She spoke at a banquet to celebrate the birth of China-US Business Dialogue. Wu said that China and the United States have a complementary economic structure, and the obstacles that hindered Sino-US economic and trade relations had been removed after China entered the World Trade Organization.

"Sino-US economic and trade relations will develop in a more stable, transparent and predictable way," said Wu.

She pointed out that trade friction and other issues would appear as China and the United States further the economic and trade cooperation, thus the two sides should take objective and reasonable attitudes to promote dialogue, trust and cooperation.

The China-US Business Dialogue, cosponsored by the China Council for the Promotion of International Trade and the US Chamber of Commerce, will focus on promoting the cooperation between the business circles of the two countries. China and the United States will rotate hosting of its annual meeting. Its first meeting concluded in Beijing Tuesday.

Wu said the establishment of the China-US Business Dialogue offers a platform for the business circles of the two countries, and she believed that through this mechanism the two sides would discuss trade and investment issues, do some research on economic and trade policies, and give proposals for the governments of the two countries.

Wan Jifei, president of the CCPIT, said that during the first annual meeting of the China-US Business Dialogue, the two sides exchanged views on trade balance and security and the cooperation between China and the United States after China entered the WTO, and reached consensus.

President and Chief Executive Officer of the US Chamber of Commerce Thomas J. Donohue said that the United States and China had reached common ground on trade liberalization and other issues, which was important.

He expressed his willingness to strengthen cooperation between the business circles of the two countries and promote economic and trade relations between the United States and China.

He said that the US side is ready to work with China under the principle of "seeking common ground while remaining different" to build up a strategic trade and business relationship of mutual benefit.

Over 300 officials and entrepreneurs from the two countries attended the banquet.

(Xinhua News Agency October 15, 2003)