Sino-US ties rosy, yuan on steady course

08:32, September 25, 2010      

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China-US relations are on the rise as Premier Wen Jiabao met President Barack Obama in New York, both stressing the huge interwoven common interests of the two economic powers far outweigh their differences.

Premier Wen said in a meeting with Obama that Beijing will continue to press ahead with reforming exchange rate system for China's currency, the yuan, and usher in a more dynamic economic and trade ties with the United States. The Chinese prime minister indicated that Beijing also hopes Washington loosen its curbs on exporting high technologies to China, and assist the two economies reach a basic balance in trade volume.

China is going to collaborate closely with the US, foster favorable conditions for President Hu Jintao's visit scheduled for early next year and push bilateral ties to a higher level, Wen said.

The White House said that the currency was the "most important issue" of the two leaders' meeting. "The President talked about the importance of our trading relation in general and the currency issue specifically to the United States and the world economy," Jeffrey Baker, a senior National Security Council official, briefed reporters.

Obama said during the talks that China needs to "do more than it has done to date", and Wen told Obama that China will "continue with reform of the yuan exchange rate mechanism." China's central bank said in mid June that it would loosen a peg against the greenback and let the yuan fluctuate more freely. Since then, the currency has risen up to 2 percent against the dollar.

The two-hour meeting between Wen and Obama on the sidelines of the United Nations General Assembly, with a call for more cooperation. The Chinese premier said China and the US can bolster joint efforts on significant international and regional affairs, as well as on global financial woes and economic development.

"China and the US have also embraced an even closer and stronger relationship in the fields of public finance, financial industry and economic cooperation and trade," said Wen.

The China-US relationship has advanced beyond the bilateral scope and has a major impact on the world, Wen said, adding: "Our common interests far outweigh our differences."

Wen expressed his hope that the US will recognize China's status as a full-market economy and loosen restrictions on its exports.

Obama said his administration has established an active, cooperative and broad relationship with China, calling China an "outstanding partner".

"We have worked together on a whole range of issues. Obviously, one of the most important issues has been to deal with the financial crisis and the recession that (has) traveled around the world over the last several years," said the US president, adding that the G20 cooperation has been absolutely critical.

"In economic terms, it is important for us to have frank discussion and to work cooperatively to achieve a more balanced and sustainable economic growth," said Obama.

"We also have to work cooperatively together to achieve regional peace and stability" because the world looks to the relationship between China and the US as a critical ingredient on a range of security issues, the U.S. president said.

Obama said the US welcomed China's yuan exchange rate reform and encouraged firms from both countries to increase investment.

The US is willing to strengthen cooperation with China in the fields of energy and environmental protection and jointly find an effective way to radically improve their trade relationship, Obama said.

He also said that the US has confidence in overcoming its differences with China through dialogue, by deepening common interests and by developing a strong and cooperative relationship.

The US president said he expects to meet Chinese President Hu Jintao at the G20 and Asia-Pacific Economic Cooperation summits this year and is looking forward to Hu's visit to the US next year.

Diplomats and analysts say that the generally amicable talks between Premier Wen Jiabao and President Obama have set a sound foundation for the prospects of two world powers. They believe that the chemicals between Beijing and Washington, including a consensus on the valuation of the yuan, would be steady there and might improve, before President Hu visits the United States.

By People's Daily Online


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