China lauds ties with U.S.

BEIJING, Dec. 31 (UPI) -- China, on the 30th anniversary of its ties with the United States, says the two should promote relations to a new level to tackle the global financial crisis.

In a lengthy commentary, the state-run Xinhua news agency lauded the accomplishments since the two countries established formal diplomatic ties on Jan. 1, 1979, but said the current financial turmoil calls for closer cooperation.

The two sides, the commentary said, "should promote their bilateral ties onto a new level, further strengthen high-level exchanges, step up cooperation in various fields, and enhance coordination in macro-economic and financial policies."

Such efforts will not only help the two tackle the crisis together, but maintain global financial stability and stimulate world economic growth, the news agency commented.

"The ever-improving relations between China and the United States have not only brought huge benefits to the two peoples but also made important contributions to world peace and development," it said.

The bilateral cooperation also "has injected fresh impetus into China's development and modernization," it said, adding bilateral trade volume rose to $302 billion in 2007 from a mere $990 million 1978 to 302 billion U.S. dollars in 2007.

The two countries, one the world's largest developing country and the other the world's largest developed country, have become each other's second largest trading partner, it said.

The commentary also said the development of China-U.S. relations "depends on whether to respect the other side's core interests, whether to respect different social systems, development process, histories and cultures."