CHICAGO, April 19 (Xinhua) -- More cooperation in trade and investment between the United States and China is welcome, and trade tension should be avoided, U.S.-China Business Summit organizers said here Wednesday.

"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," Lloyd Blankfein, chairman and chief executive of Goldman Sachs, addressed the opening ceremony of the two-day summit, which kicked off Wednesday.

"But in the context of this moment of trade tension, expanding bilateral investment is positive for every side, as it generates jobs in the United States, (and) provides China with high-quality goods and service," Blankfein told Xinhua. "This will help shrink the trade deficit between the two countries."

Tu Guangshao, vice chairman and president of China Investment Corporation (CIC), told Xinhua, "Most of the business leaders here voiced their willingness to expand bilateral investment, and they hope trade friction would be avoided."

Over 100 senior business leaders and government officials from China and the United States attended the summit in Chicago, which is co-hosted by Goldman Sachs Group, Inc. and CIC.

In November, Goldman Sachs and CIC announced a strategic relationship to establish the China-U.S. Industrial Cooperation Partnership, known as the Cooperation Fund.

The Fund targets 5 billion U.S. dollars 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 with China.