BEIJING (Reuters) - China on Wednesday rebuffed comments by U.S. real estate mogul and presidential contender Donald Trump that China is stealing U.S. jobs through crafty business practices, saying trade between the two countries was win-win.

Trump wallowed in political incorrectness on Tuesday as he insulted everyone from Mexican immigrants to Jeb Bush and U.S. ally Saudi Arabia in announcing his bid for the Republican nomination.

He saved his wildest attacks for foreign policy, frequently accusing China of stealing jobs and portraying himself as a tough negotiator who would beat Beijing at its own game.

Chinese Foreign Ministry spokesman Lu Kang disagreed.

"Economic and trade cooperation between China and the United States has grown to such an extent today that it has become like 'You are among us and we are among you'," Lu said when asked about Trump's comments.

"It's a two-way win-win situation. Such trade has actually given the two sides great benefits," Lu said, without directly using Trump's name.

"I believe that despite the frictions that still exist, both sides are able to handle it through existing channels. I believe that without a good foundation, this kind of trade relationship cannot be sustained."

While the world's two largest economies are frequently at odds over everything from human rights and currency policy to the South China Sea, they have deep business ties and are in talks on an investment treaty.

China has more restrictions on foreign investment than the United States, and U.S. investors hope that a treaty will give them increased access to China's many state-dominated industries, from financial services to telecommunications.

(Reporting by Sui-Lee Wee; Writing by Ben Blanchard; Editing by Nick Macfie)