Prevention of sovereign debt crisis spread common challenge for world : Chinese Vice Premier

19:21, May 24, 2010      

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Chinese Vice Premier Wang Qishan said Monday it is a common challenge for the world to prevent the spread of the sovereign debt crisis.

Wang made the remarks with reference to the sovereign debt crisis Europe is facing and its effect on the wider world economy, at the second round of the China-U.S. Strategic and Economic Dialogue (S&ED) in Beijing.

The challenge comes from, Wang said, how the governments across the world beef up adjustment of public finance, namely cutting government finance deficit and debt, to keep sustainability of financing, while continuing economic stimulus measures and making efforts to break away from a situation of economic recovery with a low employment rate.

Calling the current situation "extremely complicated," Wang said as two major economies in the world, the United States and China should use the talks to exchange views, assess the situation, and coordinate policies to push development of the two economies, so as to contribute to the strong, sustainable and balanced development of the world economy.

Wang also said speeding up transfer of economic development patterns was an urgent and arduous task for both China and the United States, adding that the talks will be useful for both sides to reach consensus and take action.

He said scientific discovery and technological innovation are needed for the transformation of economic development patterns, which also requires narrowing gaps between the developed and developing countries and solving the unbalanced development of the world economy.

About 50 representatives from more than 40 government departments from both countries participated in the two-day talks in Beijing Monday.

Chinese President Hu Jintao's special representatives, Vice Premier Wang Qishan and State Councilor Dai Bingguo, co-chaired the two-day meeting with U.S. President Barack Obama's special representatives, Secretary of State Hillary Clinton and Treasury Secretary Timothy Geithner.

Source: Xinhua


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