BEIJING, May 30 (Xinhua) -- The "U.S. rebuilt China" claim touted by American politicians makes no sense both in theory and practice, an official said in an interview with Xinhua.

Saying the fallacy was over-exaggerated and a fanciful illusion, Fang Aiqing, deputy director of the economic committee of the Chinese People's Political Consultative Conference National Committee said China's development was a result of the leadership of the Communist Party of China, the hard work of the Chinese people and continuous reform and opening-up.

Since the beginning of the reform and opening-up, China has developed 39 industrial divisions and 525 subdivisions, establishing up an across-the-board industrial system and constantly improving people's livelihoods, Fang said.

Meanwhile, America's total investment in China since 1987 has only stood at 80 billion U.S. dollars, accounting for 4.06 percent of China's accumulated foreign investment in actual use, Fang said, adding to the evidence that the U.S. claim that attributes China's development to itself is actually just self-flattery.

"The world has actually been rebuilding the U.S., if the logic of certain U.S. politicians could be applied," Fang said.

According to him, the U.S. has been reaping huge profits through the dollar's dominance in trade and money market.

Moreover, "the world is footing the U.S. bill every time it employs the quantitative easing policy," Fang added.

Noting that China and the U.S. are the world's major economies, Fang said trade frictions between the two countries will not only undermine the economic and social development and the wellbeing of people in both countries but also impedes global economic recovery.

He called for negotiation under the principles of mutual respect and benefit on equal footing, for "it is the only right way to defuse the trade frictions," he said.