Sino-US trade ties are assured

Zhu Guangyao, vice-finance minister, said during a trip to Washington on Wednesday that the TPP is "incomplete" without the participation of China, according to a Xinhua News Agency report.

"As China becomes more open, it's very important for us to be integrated into the global trade system," the report quoted Zhu as saying.

The TPP kicked off in 2005 when Gutierrez was secretary of commerce. Current members of the agreement include the US, Australia, Canada, Chile, Japan, Malaysia, Mexico and Singapore. China was excluded during the initial round of talks.

China stepped up antitrust efforts, which has raised fears the investigations could hurt Sino-US ties and create hurdles toward reaching bilateral economic agreements.

Chrysler Group, Microsoft Corp and Qualcomm Corp are among the US multinationals that have been involved in high-profile anti-monopoly investigations.

But the majority of US corporate executives and government officials are unsure about how China's 6-year-old Antitrust Law is being applied, Gutierrez said. "There is a sense that perhaps the law is an aggressive application."

Chinese officials such as Premier Li Keqiang have said on many occasions that the probes are to ensure market fairness and do not target any specific group of companies.

Gutierrez said China and the US have always tried to solve problems that get in the way of their economic ties. "There isn't any reason to be pessimistic about the future of US-China economic relations," he said.

"I think China and the US are going through a period of friction and misunderstanding now, but I wouldn't consider the current state of things to be a permanent status quo," Gutierrez said, adding that overall, Sino-US relations are in good shape and will only get better.

The two economies are complementary and have huge potential in cooperation, he said, naming shale gas as a sector where the two countries could work together to herald an energy revolution.

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