NEW YORK - The head of a US company with more than 35 years of involvement in China has named economic ties between the two countries as the most important bilateral relationship in the world today.
James Owens, chairman of Caterpillar Inc, said, however, that this relationship has been strained due to the financial crisis.
"Both sides, I think, have an opportunity to work together to create a better economic balance," he said.
"There's not only the interest of China and the US, but in the interest of a stable global economy."
Last week, the US National Committee on US-China Relations (NCUSCR) honored Caterpillar for providing China with clean-energy solutions through engine and turbine technology for more than three decades.
The committee also honored GE Co, which has more than 100 years of history in China, for its outstanding corporate citizenship in that country.
Caterpillar, the world's largest maker of construction and mining equipment, has been involved in building China's infrastructure for many years. It has also assisted in natural disaster rescue and rebuilding efforts.
Owens, who joined Caterpillar in 1972 and has been its chairman since 2004, said that while there will still be tension and pressure on both sides, the countries' leaders realize it is critical the relationship be constructive.
Shale gas lures oil majors"If you think about the real threats of the US and China - global terrorism, global warming and financial crisis - we share the same serious issues with China," he said.
"Our differences are really small in comparison to the overwhelmingly complementary interests."
Owens said that China, which he has seen emerge from a developing country to be the world's second largest economy, is critical to Caterpillar's success, which has more than 6,000 employees in China.
"Our capacity in China has been increasing very substantially as market growth is very strong. We are expecting to hire more Chinese employees," he said.
On Monday, Caterpillar announced it would buy Bucyrus International - a mining equipment manufacturer - for $7.6 billion in a bid to expand its global footprint in the industry.
Doug Oberhelman, Caterpillar's chief executive, said rapid growth from emerging nations such as China, India and Brazil will fuel global demand for coal and materials over the next decade.
