Trade is the “stabiliser” of China-US relations and should not be overshadowed by the balloon controversy , a senior Chinese diplomat in the United States told a virtual gathering of businesspeople from both countries on Wednesday. Xu Xueyuan, chargé d’affaires at Beijing’s embassy in the US, said the “accidental and occasional event of a civilian airship straying into US airspace” had created new difficulties in China-US relations. “We should not allow this incident to offset the efforts made by both sides in maintaining the stability of bilateral relations,” Xu said, in a keynote speech to the event hosted by the US-China Business Council. Xu said trade is still key to relations between the two countries, regardless of the “negative” US trade measures, including export controls against China. “China-US economic and trade cooperation is based on the mutual needs of the two peoples, and a healthy, stable and cooperative economic and trade relationship is in the interests of the United States itself,” she said. US only ‘recently’ concluded Chinese balloons used for global spying: Pentagon “The mutually beneficial and win-win nature of China-US economic and trade cooperation will not change, and it will still play the role of a stabiliser in the relationship between the two countries.” Xu said she hoped the US business community will make good use of China’s opening-up policy to put China-US relations back on track and create stability for the development of economic and trade ties. Xu’s speech was delivered on the same day US Treasury head Janet Yellen said she is still willing to visit China, after Secretary of State Anthony Blinken postponed his trip over the balloon saga. Beijing said on Thursday it would welcome Yellen, who met China’s top economic adviser Liu He in January at the World Economic Forum. During the meeting, Liu warned Yellen of the impact of US economic and tech policies towards China, but both agreed to enhance communications. Despite their differences, trade between the United States and China remains robust, hitting a record US$690.6 billion last year, according to the US Commerce Department. However, the balloon controversy is the latest episode in the strained relationship between the two powers, including last year’s ramping up of US tech restrictions on China which blocks access to sensitive technology by imposing export controls on advanced chips. China has rejected Washington’s claim that the balloon shot down on Saturday was for surveillance, insisting it was a civilian airship used for meteorological research that went off track in bad weather. There were heated exchanges between the two countries, with China’s ambassador to France Lu Shaye accusing the US of shooting down the balloon despite an apparent assurance to Beijing that it would not. Lu also questioned the point of Blinken’s trip – which was due to take place this week – and said Beijing had never confirmed his visit. ‘Spy’ balloon row: no point in Blinken visit, senior Chinese diplomat says In its statement on the postponement of Blinken’s trip, China’s foreign ministry said it had not been formally announced by either side, but that “the US announcements are their own matter and we respect that”. According to the Pentagon, Chinese Defence Minister Wei Fenghe turned down a request from his US counterpart Lloyd Austin for dialogue in the wake of the incident. Beijing responded on Thursday that the atmosphere was not “proper” for talks, after the US insisted on using force to take down its balloon, and accused Washington of stirring up an “information war”. On the same day, US intelligence officials said the balloon was capable of collecting communication signals and was part of an aerial surveillance programme that has been operating in more than 40 countries. The US has also held briefings with foreign diplomats from 40 nations in both Washington and Beijing since the incident.