BEIJING- Chinese Vice President Xi Jinping on Wednesday urged the US side to provide a fair competition environment for Chinese companies operating in that country.

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Xi made the remarks when meeting former US Secretary of Treasury Henry M Paulson in the Great Hall of the People in downtown Beijing.

China's investment in foreign markets has grown substantially in recent years, with the country's outward foreign direct investment in 2009 reaching about 48 billion US dollars -- the sixth largest in the world. However, China's investments in the United States are disproportionately low.

"The Chinese and the US economies are highly complementary. It is in the fundamental interest of the two peoples to develop a reciprocal trade relationship so that the two sides can enjoy broad cooperation in the areas of energy and the environment, technology and infrastructure, among others," Xi said.

He also urged the United States to ease restrictions on high-tech products being exported to China.

Paulson said the US-China connection is one of the most important bilateral relationships and will become increasingly important in the future. To enhance trade and economic cooperation between the countries will help both prosper.

Xi said President Hu Jintao's state visit to the United States at beginning of this year marked a new direction for China-US relations in the new era.

The Chinese side will work with the United States to implement the consensus reached by the two state leaders, continue to strengthen dialogue, mutual trust and cooperation, respect each other's core interests and major concerns, and promote greater achievements of bilateral cooperation in all areas, Xi said.

He also expressed expectations for Paulson to continue to play a positive role in promoting China-US relations and the two sides' reciprocal cooperation in trade and economy.

Paulson said he had always attached importance to US-China relations and Asia, as well as the increasingly important role the two countries played within various multilateral frameworks.

He vowed to continue to contribute to the progress of US-China cooperation through all channels including the Boao Forum for Asia, of which he sits on the board of directors.

Paulson is in China to attend the upcoming annual meeting of the Boao Forum, slated for Mid-April in China's southern island province of Hainan.