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Wen: Closer cooperation for financial market stability

(Xinhua)
Updated: 2008-09-25 14:45

Chinese Premier Wen Jiabao holds talks with celebrities from the US economic and financial circles in New York September 24, 2008. [Xinhua]

NEW YORK -- Chinese Premier Wen Jiabao on Wednesday called for joint international efforts to maintain stability of the global financial market.

The rapid development of China-US economic and trade ties has brought huge benefits to both sides and also helped boost global economic growth, Wen said at a meeting in New York with celebrities from the US economic and financial circles.

It is of great importance that China and the United States strengthen dialogue and cooperation and strive to promote mutual trust at a time when the world economy faces a host of challenges, the Chinese premier said.

Wen said that China hopes the US would recognize China's full market economy status and relax controls on high-tech exports to China so as to solve the China-US trade imbalance in a fundamental way.

China is ready to expand cooperation with the US side in such fields as investment, energy, environmental protection and climate change, and work together to combat any form of trade protectionism, he said.

The US sub-prime loan crisis has triggered turmoil on the international financial market and the US government and the financial circles have already taken a series of measures to stabilize the domestic market, Wen said. He hoped these measures would yield positive results soon.

China will make timely adjustments to its policies in accordance with the changed economic situation, in efforts to maintain stability of its macroeconomy and domestic financial market, Wen said.

China is ready to enhance coordination and cooperation with the US side and also hopes that countries the world over will unite as one in tiding over the difficulties and work together to maintain stability of the international financial market, Wen said.

During the discussion, participants from the US business circles also called for closer international cooperation in coping with the current crisis, adding that China is a stabilizing factor for the global economy and financial system.

The stable and fairly fast growth in China's economy constitutes an important contribution to the world and the healthy development of China-US trade and economic ties conforms to the interests of both countries and the whole world, they said.

The US and China should enhance dialogue and coordination and expand cooperation, they said, adding that US companies have confidence in the prospects of China's economic development and are ready to continue to increase investments in China.