Washington: United States' relationship with China is a healthy mix of competition and cooperation and America does not view it in terms of any conflict, Vice President Joe Biden said. (Agencies)
"We do not view our relationship and future relations with China in terms of conflict or the talk of inevitable conflict," Biden said on Thursday.
"We view it in terms of a healthy mix of competition and cooperation, a competition that we welcome. We like to compete. Competition is good for both of us, as long as the game is fair," he said.
Biden said that to reverse its declining growth, China would have to make reforms which will not only help the largest Asian economy but also the region and the world.
“Chinese leadership has concluded that their country needs to shift to a more consumer-driven economy,” he said.
"They've concluded they have to create a market-based, well- regulated financial system. They have concluded they need to liberalise their exchange rates," he added.
Noting that economic growth critically depends on peace and stability, he said that is why there needs to be 21st-century rules of the road, not only in the economic sphere but also with regard to security, with regard to maritime disputes.
Biden encouraged China and ASEAN to quickly reach an agreement on a code of conduct in the South China Sea, setting clear rules as the first step to manage disputes.
Washington: United States' relationship with China is a healthy mix of competition and cooperation and America does not view it in terms of any conflict, Vice President Joe Biden said.