Hot issues on first day of China-US dialogues

11:07, May 25, 2010      

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Coordinating macroeconomic policies, continued support for global economic recovery, tackling trade protectionism and financial reform were hot issues that dominated discussions on the first day of the second round of the China-U.S. Strategic and Economic Dialogue held in Beijing from May 24 to May 25.

U.S. Secretary of State Hillary Clinton and U.S. Treasury Secretary Timothy Geithner, as representatives of U.S. President Barack Obama, are co-chairing the dialogues with Chinese State Councilor Dai Bingguo and Vice Premier Wang Qishan, representatives of Chinese President Hu Jintao. About 50 representatives from more than 40 departments of both countries are participating in the dialogues, designed to enhance mutual understanding and trust between China and the United States.

Under the mechanism, the two countries are able to hold serious discussions once a year on strategic, comprehensive and long-term issues, which are not only important to the two sides' development, but also the world's peace, stability and prosperity.

Sino-U.S. ties

The establishment of "a positive, cooperative and comprehensive China-US relationship" is the core target of the dialogues. Addressing the opening session of the second round of China-U.S. Strategic and Economic Dialogue, Chinese President Hu Jintao said China and the United States should step up macroeconomic policy coordination and promote sustained world economic recovery.

"No matter how the international situation may evolve and what difficulties and interferences we may encounter, we should always follow a strategic and long-term perspective and stick to and safeguard the goal of working together to build a positive, cooperative and comprehensive China-U.S. relationship for the 21st century," Hu said.

U.S. Secretary of State Hillary Clinton said that although the two nations have unique histories, their future, challenges and opportunities would be shared.

She said the United States welcomes China's progress and its accomplishments. The U.S. side sees the opportunity for win-win solutions rather than zero-sum rivalries.

Global recovery

Since the outbreak of the global financial crisis, China and the United States have coordinated their macroeconomic policies and contributed to the recovery of the global economy. Currently, the sovereign debt crisis in Europe has affected the implementation of economic policies in both China and the United States.

During the second round of talks, the two sides have focused on how to stress financial regulation and fiscal sustainability, and to prevent the spread of the sovereign debt crisis, while sticking to stimulus policies and getting rid of "jobless recovery."

"The general analysis is the pace of the global economic recovery will be maintained," said China's central bank governor Zhou Xiaochuan. Both sides agreed that they should take a cautious approach in exit strategy and should take stable measures in implementing the exit strategy.

At the beginning of the first meeting of the Strategic and Economic Dialogue in Washington last July, China and the United States reached an agreement that the United States will take measures to increase national savings as a share of GDP, and China will continue to implement structural and macroeconomic policies to stimulate domestic demand and increase the contribution of consumption to GDP growth. Nowadays, speeding up the transformation of economic development modes is still an urgent and tough task in front of the two countries.

"As we reform the U.S. economy to promote savings and investment, China is reforming its growth model to promote domestic demand and consumption," said U.S. Treasury Secretary Timothy Geithner. "Our common challenge is to make sure that as the global economy recovers from the crisis, we are laying the foundation for strong, sustainable and balanced growth."

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