Hot issues on first day of China-US dialogues (2)

11:07, May 25, 2010      

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Trade protectionism

At this key period of global recovery, the rise of trade protectionism will no doubt bring negative impact on the world economy.

"China will continue to pursue a win-win strategy of opening up. We will expand market access in keeping with established international, economic and trading laws, support the improvement of the international trading and financial system and advance trade investment, liberalization and facilitation," said Chinese President Hu Jintao

China's vice premier Wang Qishan said that China is pleased to note the U.S. initiatives to relax export controls. "During this dialogue, we hope to hear from the U.S. side in detail about its timetable and roadmap for gradually removing barriers to hi-tech exports to China.

Chen Deming, China's Minister of Commerce, said that China welcomed the possibility that the United States might reform control policy on hi-tech exports to China, voicing his hopes that reforms would be "real" and not "lots of thunder with no rain." Reforms would benefit enterprises from both nations, he said.

"China's trade surplus fell 34 percent last year and has decreased 78.6 percent in the first four months of this year. China will continue to increase its imports in line with stable exports," he added.

Financial reform

The promotion of financial reform has been a hot issue for China and United States, as well as the world community, even before the first round of dialogues.

"China will continue to steadily advance the reform of the formation mechanism of the RMB exchange rate under the principle of independent decision-making, controllability and gradual progress," said President Hu.

"With a population of 1.3 billion in the country, most of major factors that need to be considered are domestic ones, although the economy is export-oriented," central bank governor Zhou Xiaochuan told a news briefing on the second round of the China-U.S. Strategic and Economic Dialogue. International factors influenced decision-making, but the impact was usually smaller, he added.

American representatives introduced to their Chinese counterparts the U.S. financial reform bill, and the relationship and balance between the financial sectors' prudent operation and financial innovation.

By People's Daily Online

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