Chinese Vice Premier Wang Qishan (front
R) shakes hands with U.S. Treasury Secretary Henry Paulson at a signing
ceremony on energy and environmental protection cooperation during the
fifth China-U.S. Strategic Economic Dialogue in Beijing, China, Dec. 4,
2008.(Xinhua/Pang Xinglei) Photo
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BEIJING, Dec. 5 (Xinhua) -- China and the United States concluded a high-profile economic dialogue on Friday morning, with "important consensus" reached on the financial turmoil and critical issues of the two economies.
The two sides agreed to "strengthen financial regulation together" and "enhance the role of developing countries in international financial institutions", Chinese Vice Premier Wang Qishan told reporters after the conclusion of the fifth round of the Sino-U.S. Strategic Economic Dialogue (SED).
U.S. Treasury Secretary Henry Paulson described the talks as "productive" in his closing statement, and said the two sides "hada robust discussion" of the current global financial market turmoil and economic downturn.
Paulson said both nations would be "committed to strengthening the global economy." He added that he welcomed recent measures by the Chinese government to strengthen domestic demand and maintain economic growth.
Both sides said that they would fight trade protectionism, and actively promote a successful Doha round of trade liberalization talks, which hit a deadlock in July on differences between the United States and India over measures to safeguard subsistence farmers in poor countries from a surge in imports.
As a step to support trade amid the current financial crisis, the two sides announced an additional 20 billion U.S. dollars would be churned out from the Export-Import Banks of the two countries to finance trade. The financing would particularly favor "credit-worthy importers in developing countries," they said.
Paulson said he also discussed with his Chinese counterparts "the importance of domestic-led growth, and the importance of a market-determined currency in promoting balanced growth in China."
According to a fact sheet issued by the U.S. side, the United States recognized that "currency movements would be uneven over shorter periods", but also encouraged China to "continue, and accelerate" the appreciation and flexibility of its currency, the yuan.
The comment was made amid speculation that China was shifting its exchange rate policy to allow the yuan to weaken to help struggling exporters and save jobs - speculation sparked by a weakened yuan against the U.S. dollar this week.
Paulson also said that China has decided to allow foreign banks to trade bonds in China on the same terms as Chinese banks, among other agreements reached to further open up the country's financial sector.
In addition, the two sides agreed to deepen cooperation on product and food safety, and vowed continued efforts to cooperate on energy and environment.
"China look forward to continuing candid and pragmatic talks with the new U.S. administration," Wang said.
BEIJING, Dec. 4 (Xinhua) -- A senior Chinese
official said here on Thursday that China and the United States have reached
consensus in five major areas to step up energy and environmental protection
cooperation during the on-going fifth round of the Strategic Economic Dialogue
(SED). Full story
BEIJING,
Dec. 4 (Xinhua) -- China hopes to join with the United States to "actively
promote" negotiation for a bilateral investment protection accord, said Chinese
Vice Premier Wang Qishan here Thursday.
Wang made the remarks when addressing the opening morning
of the fifth China-U.S. strategic economic dialogue (SED). He said strengthening
bilateral investment protection would help establish a fairer, more transparent
and predictable environment for mutual investment. Full story
BEIJING, Dec. 4 (Xinhua) -- Commerce Minister
Chen Deming said on Thursday that China and the United States agreed to push
forward on completion of the Doha trade round by the end of December.
"China expressed willingness to show its good faith and
flexibility in the next phase of the Doha round negotiations and hoped the U.S.
side will do the same," Chen said at a news briefing on the fifth China-U.S.
Strategic Economic Dialogue. Full story
BEIJING, Dec. 4 (Xinhua) -- China expressed concerns on four aspects of
bilateral trade to the United States during the fifth Strategic Economic
Dialogue (SED), Minister of Commerce Chen Deming said here on Thursday.
The four aspects were free trade in textiles, the
expansion of high-tech trade, China's market economy status, and how both
countries could work against misuse or abuse of remedy measures or protectionist
measures such as anti-dumping or countervailing measures. Full story
BEIJING, Dec.
4 (Xinhua) -- China's central bank governor, Zhou Xiaochuan, on Thursday urged
the United States to constantly evaluate the efficiency of measures for coping
with the financial crisis.
The United States should give full consideration to the
possible impact of its measures on the global economy, Zhou said in a speech
here to the fifth China-U.S. strategic economic dialogue (SED). Full story
