Wen: Chinese and US economies 'complementary'

08:31, March 18, 2011      

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China's commitment to stimulating domestic consumption and encouraging technological innovation will provide "more business opportunities" for US businesses as the economies of the two countries are "complementary", said Premier Wen Jiabao.

He made the remark during a meeting with US representatives participating the first US-China CEO and Former Senior Officials' Dialogue which started on Thursday.

"China will adhere to an 'opening-up' policy that will create benefits for both countries, continually improving the rules and regulations relating to foreign businesses in the country," said Wen.

China and the United States are each other's second-largest trading partners. During the past year, the two have been embroiled in a series of disagreements over a number of issues, including currency revaluation and the investment environment.

However, the disputes will not ruin the possibility and necessity of bilateral economic cooperation. "The financial crisis does not change the fact that the economies of China and the US are complementary China is willing to strengthen cooperation and coordination with the US to cope with any divergence," said Wen. "We should discover effective means of cooperation on the issues of finance, economics and trade."

During his annual government work report, Premier Wen set an average economic growth target of 7 percent each year until the end of 2015. He added that disposable income for both rural and urban residents is expected to grow by more than 7 percent for each person.

"China's rapid economic growth in the next five to 10 years will translate into huge market potential. China is the world's market as well as the world's factory," said Zeng Peiyan, former vice-premier and the chairman of the China Center for International Economic Exchanges (CCIEE). "The two sides should increase investment and cooperation in sectors such as energy, high-technology, and manufacturing, in a bid to alleviate the trade imbalance."

The two-day forum, which is being held in Beijing, is concerned with current hot topics including economic trends in China and the US, improving the investment environment, promoting technological innovation, and the development of financial industry.

As part of President Hu Jintao's official US visit earlier this year, China purchased goods worth $45 billion in the fields of agriculture, telecommunications and high-technology. The country is expected to send two more large trade delegations to the US this year, which will mainly focus on the acquisition of energy-saving products.

China is running a huge trade surplus with the US, with the figure accounting for the majority of China's annual trade surplus. The US trade deficit has been a source of tension between the countries, and has also provided ammunition for demands that the yuan should be allowed to rise.

In 2010, the trade surplus with the US was $181.27 billion, up 26 percent from a year earlier. China initiated a strategy of promoting imports late last year to balance trade. From January to February, China's trade surplus with the US was $21.5 billion, compared with $20.9 billion a year earlier.

Source:China Daily
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