Sino-US relationship entering new phase

Secondly, China and the US are undergoing a few vital structural adjustments, ranging from institutional innovations to cooperative measures, which are expected to tighten bilateral economic ties. China, for its part, is making efforts to forge an open economic system which features a market-oriented economy, while the US has a robust economic recovery and governments at all levels are stepping up their efforts to open their doors to Chinese investment.

In such cases, complementary cooperation between the two countries could be enhanced in finance, technology, market, resources and energy sectors, and potential cooperation in traditional and emerging industries might be better tapped.

The US-China bilateral investment treaty now under negotiation, if approved, would likely help China integrate into the global investment system and enable enterprises from both countries to cooperate in a stable, fair and transparent manner. Fundamental progress is expected to be made in the exchange of negative lists before Xi's upcoming US visit.

Cooperation is also gaining momentum at state level. The states of California, Texas, Iowa and the Illinois city of Chicago in 2013 set up a working group to boost bilateral trade and investment with their Chinese counterparts.

Another group is to be announced between the state of Michigan and some Chinese provinces.

The author is minister for commercial affairs at the Chinese Embassy to the United States.