China and the United States, the two largest economies in the world, have a "unique role to play" in ensuring peace and prosperity in the Asia-Pacific region and the world, Gary Locke, US ambassador to China said during a Town Hall event organized by the National Committee on US-China Relations on Monday.

"We have a shared interest in working together not just for the good of our own people but really the entire people of the Asia-Pacific region and indeed all the people in the world," said Locke.

The China Town Hall event, which took place in Beijing, was broadcast live on the Internet to 60 venues across the US.

Locke was described by Stephen Orlins, moderator and president of the committee as "a man of many firsts" — the first Chinese-American to serve as ambassador to China, commerce secretary and governor (of Washington state).

Relations with China have been a hot topic in the US presidential race. On Monday — just eight days before election day — Locke's presentation highlighted issues affecting the dynamics between the world's two economic superpowers, including trade and investment and intellectual property.

Orlins said the purpose was intended to elevate discourse that, during the presidential campaign, "has lacked depth and nuance".

With the increasing economic interdependence between the two nations, Locke highlighted the vital role Chinese investments have played in the US economy.

"Chinese companies with operations in America are also making important contributions to US output and employment," he said.

"This trend is a very positive development for both China and the US because Chinese companies benefit from gaining access to the world's largest market, to a well-educated labor force and to the most modern management and corporate governance."

At least 37 US states are home to Chinese investment from China in various industries including auto parts, information technology and services. All of them contribute to about 30,000 jobs in the country. Chinese investment in the US has amounted to $6.3 billion so far this year, estimates New York-based research firm Rhodium Group.

"Foreign investment, including Chinese investment, is vital to our economic growth, job creation and productivity," Locke noted.

"Forty years ago it would have been difficult to imagine the interdependence that characterizes our nations today," he added, referring to 1972 when US president Richard Nixon visited China — an important step in normalizing the ties between the two nations.

Locke said the two-way trade between the two nations is more than a $1 billion of goods and services every single day in contrast to the annual bilateral trade of less than $100 million 40 years ago.

Today more than 700,000 US jobs depend on exports to China, he added.

Despite all the economic interdependence, the two countries also have disagreements and conflicts, citing recent disputed trade cases brought by the US, said the ambassador.

The last four years have seen more cases brought against China by the US to the World Trade Organization than the previous (Bush) administration in eight years, Locke noted.

"We are constantly pressing China to do even more," he said, urging China to create a "level-playing field" for American companies doing business in China.

Locke urged the two nations to cooperate more to be responsible not only for themselves — the two largest economies — but for the entire world.

"The world is looking for leadership from the United States and China. It's my hope that 50 years from now the history books will talk about the great accomplishments we together made, not that we failed to act," said Locke.