U.S. and Chinese business communities expressed hopes for closer bilateral trade relations at the annual gala of the China General Chamber of Commerce Los Angeles (CGCC-LA) held Friday evening.

Addressing the event, Chinese Consul General in Los Angeles Guo Shaochun said China-U.S. trade is mutually beneficial, playing a crucial role in developing both nations and the global economy.

China-U.S. trade has created 2.6 million well-paid jobs for the United States, helped reduce American manufacturing costs by 15 to 20 percent, and increased the annual purchasing power of American families by 850 U.S. dollars, Guo said.

Currently, more than 7,000 Chinese companies are investing in the United States, and over 70,000 American enterprises are investing in China, he said.

Trade war has no winners, Guo stressed, adding that China stands ready to work with the United States to address each other's concerns through dialogue and consultation on the basis of equality and mutual respect.

Guo also appreciated the constructive role played by the CGCC-LA in promoting China-U.S. economic and trade cooperation.

Mario Cordero, chief executive officer of the U.S. Port of Long Beach, said the event provided a platform to foster cultural exchange, share business principles and enhance friendship between the two countries.

Despite the uncertainties in the international trade community, he expressed belief that "when the dust settles, everybody realizes how important a partnership between the United States and China is."

The Port of Long Beach, the second busiest U.S. container port, is a key gateway for China-U.S. trade, with about 70 percent of its cargo volume related to China.

Bob Weis, former president of Walt Disney Imagineering, recounted the remarkable transformation of Shanghai Disneyland Resort from a flat, muddy plot of land into a vibrant, adventure-filled park that attracts tens of millions of visitors each year.

He credited this achievement to the essential collaboration between Chinese and American talents, designers, artists and storytellers.

More than 300 representatives from the two countries' business communities joined the event on Friday evening.