Chinese Vice President Xi Jinping delivers a speech during the opening of the U.S.-China Economic and Trade Cooperation Forum in Los Angeles, the United States, Feb. 17, 2012. (Xinhua/Lan Hongguang)

Visiting Chinese Vice President Xi Jinping on Friday called for promoting a sustained, sound and steady growth of the mutually-beneficial Sino-U.S. business ties.

"In this connection, I propose we take steps in the following areas," he said when addressing the opening session of the China-U.S. Economic and Trade Cooperation Forum held in Los Angeles.

First, Xi said, the two nations need to seize market opportunities and promote balanced growth.

Since last year China has been speeding up the shift of economic growth model while the U.S. government is planning to double its exports. "These mutually complementary macroeconomic policy goals offer new important opportunities for China and the United States to deepen economic cooperation and trade."

Secondly, "we need to foster a sound environment and raise the level of two-way investment," said the Chinese vice president. China will further open up its economy and continue to encourage all companies, including those with overseas investment, to engage in fair competition and pursue innovation in the Chinese market, so that they will increase their market share while contributing to technological and social progress.

Xi said China hopes the United States will continue to offer a fair and convenient environment for Chinese investors and make sure that political factors do not interfere with economic cooperation, so that Chinese firms would feel more confident about investing in America.

Thirdly, "we need to expand cooperation and foster new growth areas in China-U.S. business relations," he said. Xi said he hopes that Chinese and U.S. enterprises will seize the opportunities of industrial restructuring in both countries and step up cooperation in such emerging sectors as clean energy and information technology, thus adding fresh impetus to the bilateral business cooperation.

Finally, Xi called for joint Sino-U.S. efforts to address challenges and boost cooperation in global governance. China is ready to maintain and strengthen communication and cooperation with the United States on global economic issues, he said. China is also willing to work together with the U.S. side to tackle regional and global challenges, implement the positive outcomes of the G20 Cannes Summit, and contribute their shares to the reform of the global governance system and sustained growth of the world economy.