China's Vice President Xi Jinping
Jinping is currently on track to become Communist Party secretary in late 2012 and will probably replace Hu Jintao as president the following year. REUTERS

China has urged the U.S. to relook at its economic policies and eliminate the curbs on exports so that there is deeper cooperation on trade between the two countries.

Addressing a gathering of U.S. business leaders, policymakers and academics in Washington, Chinese vice-president Xi Jinpin said that more balanced economic ties are needed for the crucial task of addressing the trade imbalance between the two major economies.

It is very important for addressing China-U.S. trade imbalance that the U.S. adjusts its economic policies and structure, including removing various restrictions on exports to China, in particular, easing control on civilian high-tech exports to China as soon as possible, Xi, who is widely seen as China's emerging leader, was quoted by the China Daily as saying.

He added: Our two sides need to continue to work together to tide over difficulties, advance our business cooperation to a higher level and broader areas, and create new highlights of mutually beneficial cooperation.

This will help balance China-U.S. trade, stimulate economic growth and job creation in the United States and improve the balance of U.S. international payments.

According to a report in the Reuters, Xi also used the occasion to echo China's concern over U.S. policies on Tibet and Taiwan. The agency quoted from his speech: The world is currently undergoing profound changes, and China and the United States face shared challenges and shoulder shared responsibilities in international affairs.

We should further use bilateral and multilateral mechanisms to enhance coordination between China and the United States on hotspots, including developments on the Korean peninsula and the Iran nuclear issue.

Analysts attribute added significance to Xi's new rhetoric, given the widespread perception that he is likely to take over the reins of the Chinese Communist Party and that of the country next year.