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/Zhang Duo)

The Chinese vice president told the audience that over the past four decades, especially over the past 33 years since the establishment of their diplomatic ties, China and the United States have moved from mutual estrangement to close exchanges, with their interests increasingly intertwined. The two countries now have one of the world's most important and vigorous bilateral relationships with one of the greatest potentials of its kind, he said.h Xi said as he looked back over the years, he found three aspects most impressive in the China-U.S. business relations, with business cooperation as the biggest highlight, mutual benefit as the most salient feature, and structural complementarity as the greatest advantage.

"The mutually beneficial business cooperation between China and the United States is expanding in both scope and scale and is moving toward a higher level," he said, noting that the two countries have long become each other's second-largest trading partners. China has been one of the fastest growing export markets for America for a decade while Chinese firms are getting increasingly enthusiastic about investing in America.

"China has indeed benefited a lot from its growing business ties with the United States over the past 40 years, especially the past 33 years since the establishment of diplomatic relations. So has the United States," said the Chinese vice president.

"Our two economies are cut out for each other, making our cooperation all the more necessary and all the more beneficial to both sides," he observed, adding that the various existing bilateral dialogue and cooperation mechanisms have enabled the two sides to build consensus, resolve difference, advance cooperation, and contribute to global growth and governance.

Xi said China's remarkable achievements over recent decades don't change the country's nature and status as a developing nation.

"We sincerely hope that the United States and the entire international community will appreciate the Chinese people's aspiration to get rid of poverty and make the country prosperous and strong, have confidence in the Chinese people's sincerity and resolve to pursue peaceful development, respect the great value that the Chinese people place on the country's sovereignty, security, territorial integrity and social stability, and support China's peaceful development.

Xi arrived in Los Angeles Thursday afternoon from the central state of Iowa. He started his U.S. visit in Washington D.C. on Monday as a guest of his U.S. counterpart Joe Biden.

The United States is the first leg of Xi's three-nation tour, which will also take him to Ireland and Turkey.