CHINA / National
China, US set up strategic economic dialogue
By Qin Jize and Wu Jiao (China Daily)
Updated: 2006-09-21 06:58
High-ranking Chinese and US officials will meet twice a year for
wide-ranging discussions on their economic relationship, the first such
mechanism between the two nations.
U.S. Treasury Secretary Henry Paulson (3rd R) speaks to Chinese Vice
Premier Wu Yi (3rd L) during official bilateral talks at the Great Hall
of the People in Beijing September 20, 2006. [Reuters]
The establishment of the China-US Strategic Economic Dialogue was jointly
announced by Vice-Premier Wu Yi and visiting US Treasury Secretary Henry
Paulson in Beijing.
President Hu Jintao and his US counterpart George W. Bush agreed last
month to establish such a dialogue.
"Given the rapid pace of economic globalization and growing bilateral
economic relations, the establishment of the talks will have a positive
impact on world economic development as well as global economic stability
and security," Wu told a press conference.
The dialogue will focus on bilateral and global strategic economic issues
of common interest and concern; and both sides intend to meet twice a
year in alternate capitals, according to a joint statement.
Wu, one of the highest-ranking officials in charge of economic policy,
and Paulson, a former head of investment bank Goldman Sachs with
extensive knowledge of China, are the representatives of the two
presidents in the new dialogue.
Wu urged the two sides not to politicize trade issues and look for
solutions through talks and negotiations.
Paulson said the US administration has given priority to US-China ties in
its foreign policy and is looking forward to enhance dialogue and
co-operation in a series of major issues.
In a sign of the importance attached to the dialogue, Paulson is
scheduled to meet President Hu and Premier Wen Jiabao tomorrow before
concluding his 4-day visit.
Addressing a press conference at the US Embassy last night, Paulson said
that the Chinese economic structure needs a change.
"The Chinese economy has been moving on remarkably and quickly," said
Paulson. "What other countries take a year to accomplish, it only takes
six months in China.
"But it needs a transition from an economy based on low-cost labour and
low value-added products to to a complex economy. And I believe that will
happen."
He urged the country to open its capital market to overseas firms and
banks, saying that a global economic review has proved that a country
with a healthy capital market is essential to ensure successful economic
development.
Paulson also said that flexibility in the exchange rate of the yuan is
essential to the reform of the capital market.
The perfect outcome, Paulson said, is for the renminbi to "become fully
convertible" but added that he didn't expect it in the near future.
Most Commented/Read Stories in 48 Hours
Today's Top News
� China, US set up strategic economic dialogue
� Thai leader: No elections for a year
� Abe urged to keep his word, mend ties
� Panda bites man, man bites him back
� Thai coup leader to install new PM in two weeks
Top China News
� China urges Abe to make efforts to improve bilateral ties
� China urged to let insurers invest more in stocks
� China says Thailand changes are internal affairs
� China to become 3rd biggest car producer
� PBOC: 'Significant progress' made in currency reforms
Alibaba is the largest B2B marketplace in the world. Source model ship,
wooden puzzle, one-piece toilet, RC hovercraft, photo album, prom dress,
pocket bike, Vaginal Speculum, Samurai Sword, String Panty and PVC Pipe.
Learn Chinese, Chinese Mandarin
No comments:
Post a Comment