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This is the VOA special englih economics report.
The world's two biggest economies and their treties are important to global economic progress. China accounts for nearly half of the world's economic growth. Last year, trend between the US and China was worth more than five hundred billion dollars. The two nations share many interest, but they also defer on many including trending issues.
American and Chinese policy experts have worked to study and improve relations between the trending partners. Recently, former transiary secutary, Harry Poson spoke in Washington about his report on the possible new direction in US China relations. Former national securaties adviser Steve Handly join the disgussion.
Both men servered in the administration of present Jodge Bush. The slow down in China's economy was the first issue they disgussed. Members of the Chinese news media also attended. Chinese officals reported last week, that the economy grow at a rate of 7.6% from April to June. That is China's slowest growth rate in more than three years. The Chinese economy needs a high growth rate in order to provide jobs for its huge workforce. The people bank of China cut its main interest rate twice in July to support lending and economic growth. Mr.Poson he thinks goverment measures to control lending will work over the short term. "And so I would be quiet surprised if they don't grow somewhere between seven and a half or eight percent this year. " But there are important economic issues waiting in the future.
Much of China's economic activity depends on investment by state owned and foreign companies. Mr. Handly says China's economy its growth demanstic product or GDP depends on the investment too much. "Almost forty seven point eight percent of the GDP is investment. Consumption is only 33% and one of the think hanks calls for this papers. They need to move from investment based economic growth to consumption based economic growth."
Consumer or personal spending accounts for about 2/3 of the economy in the US.
 And that's the VOA special english economics report. Join us next week for part two of our report on economic ties between the US and China.