Higher tariffs have raised the production costs of U.S. companies, pushed up U.S. consumer prices and dampened the growth potential of the U.S. economy, he said.

Businesses, farmers and consumers in the United States have acutely felt the mounting pressures, he added.

All these pointed to one simple and undeniable fact: Cooperation benefits both China and the United States and the rest of the world; friction will only create a lose-lose situation, and harm the whole world, Wang said.

Wang pointed out that opening-up and integration represent the right direction, and neither China nor the United States can move ahead without the other.

The two countries are now among the most important trade partners and investment destinations for each other, said Wang.

With industrial, supply and value chains deeply interconnected, China and the United States can be regarded as a community of shared interests, he said.

Given the size of the two economies and the level of their interdependence, so-called decoupling or shutting the door to each other is neither sensible nor realistic, Wang said.

Decoupling from the Chinese economy would be decoupling from opportunities, and from the future, he said.

While China opens itself up wider to the United States and the rest of the word, it also expects the United States to do the same to China and remove all unreasonable restrictions, Wang said.

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