Strengthening economic and trade cooperation is critical to the economies of the United States and China, Lloyd Blankfein, chairman and CEO of Goldman Sachs, said at a business forum in Chicago.

The chief of the US investment bank called for dialogues between private and public sector leaders of the world's two largest economies amid rising trade tensions at the US-China Business Summit jointly held by Goldman Sachs and China Investment Corporation (CIC), the Chinese sovereign wealth fund, on April 17 and 18.

The two companies announced a strategic relationship last November to establish the China-US Industrial Cooperation Partnership LP known as the Cooperation Fund. The fund is targeting $5 billion in commitments with a broad mandate to invest in American companies in the manufacturing, industrial, consumer and healthcare industries, among others, that have or can develop a material business connection to China, according to a press release.

"Strengthening economic and trade cooperation is critical to the economies of both the United States and China," said Blankfein. "At a time of rising trade tension, it is more important than ever that we foster dialogue between private and public sector leaders of the two largest economies in the world. The Cooperation Fund is designed to do that by increasing investment into US companies with the potential to export to China, creating more opportunities for American workers and contributing to both countries' economic growth."

"In recent years, cross-border investments have taken on an increasingly important role in the Sino-US economic relationship," said Tu Guangshao, vice-chairman and president of CIC. "I believe that this partnership between CIC and Goldman Sachs will lead to healthy, sustainable and mutually-beneficial cross-border investments. I look forward to the successful operation of the Cooperation Fund, which will in turn serve as a good model for more upcoming bilateral and multilateral funds."