Stable RMB Exchange Rates Benefit China, US: Premier

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Last updated at: (Beijing Time) Thursday, September 04, 2003

Stable RMB Exchange Rates Benefit China, US: Premier

Maintaining the stability of the exchange rates of the Renminbi (RMB) benefits both China and the US, Premier Wen told US Treasury Secretary John Snow Wednesday.

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Stable RMB Exchange Rates Benefit China, US: Premier

Chinese Premier Wen Jiabao told US Treasury Secretary John Snow on Wednesday that both China and the United States benefited from a stable Renminbi (RMB).

In a meeting at Zhongnanhai in Beijing, Wen said China adopted a regulated, singular, floating exchange rate regime based on market supply and demand.

"The system is not only appropriate for China's practical situation, but also shows China's high sense of responsibility to the international community," he said.

China would further explore and improve the exchange rate regime along with its financial reform, based on its economic development and performance as well as international balance of payment.

He said the leaders of the two countries perceived and handled bilateral relations from a strategic level, which guaranteed the smooth development of China-US relations.

Fruitful cooperation on such issues as economy, trade, terrorism and the Korean Peninsula nuclear weapons issue proved the two sides shared many common interests and that continuous enhancement of links would be conducive to peace and economic growth, Wen said.

Wen expressed his hope that China and the United States could put aside differences, seek common ground and eliminate disruptions so as to continue to improve and expand relations.

Trade and economic cooperation were an important foundation of China-US ties, he said. Expansion of trade and economic cooperation according to the principles of equality and mutual benefit would be conducive to the long-term stable development of relations.

He said China would continue to fulfill its commitments on its entry to the World Trade Organization.

Snow thanked Wen for his positive remarks on US-China relationsand said Wen's explanation of certain issues of common concern helped improve mutual understanding and trust.

Snow commended China's fast economic growth and appreciated China's achievements in its reform and opening-up.

He hoped the two countries would expand trade and economic relations.

US, China share strong trade ties

US Secretary of Treasury John W. Snow said Wednesday that the United States and China share close trade relations, which is mutually beneficial and critical to the world economy.

At a news briefing held at the US Embassy in Beijing, Snow said that his visit to China is aimed at recognizing the importance of US-China trade relations and continuing its "growth and prosperity".

He noted that China has made historic strides in reforming its economy and moving to a market-based system.

The strengthening of the Chinese domestic economy will increase the disposable income of Chinese people and increase the buying of US goods, Snow said.

The Chinese authorities have persisted and continued with the reform strategy, which will clearly create a stronger domestic economy, Snow said.

"That's in China's interest and very much in the US interest as well," he said.

Snow is on a two-day working visit to China. He met Tuesday with senior Chinese economic leaders including Vice-Premier Huang Ju, central bank chief Zhou Xiaochuan and Minister of Finance Jin Renqing.

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