Visiting Chinese Premier Wen Jiabao said Monday that he came to the United States to seek friendship and cooperation, not trade war.

In a speech at a luncheon hosted by the American Bankers Association in New York, Wen said, "Let me first assure you that I have come to this country to seek friendship and cooperation, and not to fight a trade war. We should not and will not fight a trade war."

Wen said a strategic perspective of vision and foresight needs to be taken in approaching problems in China-US trade.

"Problems such as US trade deficit with China, the Renminbi exchange rate, and intellectual property rights protection, are of concern to many quarters of US society. But they are also problems that come along with expanded China-US trade, and they can be ironed out gradually since common understanding on them is entirely obtainable. They should not, and will not, stand in the way of the larger interests of China-US trade," Wen said.

Wen said that as bilateral trade and economic relations grow in size, some frictions are hardly avoidable. "So long as the two sides act in good faith, such problems can be resolved properly through equal consultation and expanded cooperation."

The Chinese premier said that both the United States and China had reaped tremendous benefits from the rapid expansion of bilateral trade which increased from merely US$2.5 billion in 1979 to over US$100 billion at present.

He said trade and commerce form the economic foundation of China-US bilateral relations. "Being mutually beneficial and win- win, China-US trade and economic ties have not only delivered tangible economic benefits to the two peoples, but underpinned the overall relationship, giving it a powerful driving force for a steady expansion."

He said the reason for such a rapid growth in China-US trade lies, in the final analysis, in the high degree of complementarity of the two economies, which, to a large extent, stems from their big differences in economic resources, economic structures and consumption levels," he said. "Such diversity and complementarity will remain for a long time, and are likely to feature more prominently in the ongoing economic globalization," he said.

He said China does not seek long-standing excessive trade surplus, but work to maintain a basic balance between import and export.

He said the rapidly growing Chinese economy will not only benefit the 1.3 billion Chinese people, but also expand the horizon of trade and economic cooperation between China and other countries, the US included, creating a huge number of opportunities for Chinese and American businesses.

Wen said the Chinese government will continue to encourage foreign investment and protect foreign investors in China, and urged American business and financial communities to seize the opportunities offered by China's rapid economic growth and expand their presence in the Chinese market.

"We want to see more large US firms working together with Chinese enterprises, and we hope the small and medium-sized US firms can also join in," he said.

Wen expressed full confidence in the future of China-US trade and economic cooperation. "The road ahead might not be all smooth sailing, but the prospect is surely promising."

Over 100 people, including former US Secretary of State Henry Kissinger, were present at the luncheon.