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Wang: China, US should work together in financial storm

By Diao Ying (China Daily)
Updated: 2008-12-04 10:48

China's Vice-Premier Wang Qishan (front C) gestures as he and US Treasury Secretary Henry Paulson (front 3rd R) attend the opening session of the 5th China-US Strategic Economic Dialogue in Beijing, December 4, 2008. [Agencies]

 

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The most urgent task now is to put measures reached during the previous meetings including the G20 financial summit into practice, restore confidence, and prevent the current crisis from spreading, especially to the developing countries, Chinese Vice Premier Wang Qishan said at the opening ceremony of the Strategic Economic Dialogue.

China hopes that the US could stabilize its own financial market to ensure the safety of China's assets in the US. China would also like to cooperate with the US to build the international financial system, said Wang at the opening ceremony of the fifth SED, which opened in Beijing today.

China's Vice-Premier Wang Qishan (L) speaks during the opening session of the 5th China-US Strategic Economic Dialogue in Beijing December 4, 2008 [Agencies]

"For the first time during the SED, the US and China will focus on how we can work together through international forums to strengthen the global economic system," said US Treasury Secretary Henry Paulson.

"China has made important contributions to the world economy," said Wang. He said China has adopted fiscal and monetary policies to increase domestic demand to ensure the stable and fast economic development of China.

US Treasury Secretary Henry Paulson (R) speaks during the opening session of the 5th China-US Strategic Economic Dialogue in Beijing, December 4, 2008. [Agencies]

"We appreciate the responsible role China has played during the turmoil. We have welcomed China's active participation," said Paulson.

The meeting this week will focus on the building blocks for an enduring US-China economic partnership, according to Paulson. Apart from managing macroeconomic risks and promoting balanced growth, the two sides will also work on open investment and trade policies, product and food safety, and energy and environment.

The US has a lot of advantages in the energy and environment sectors. China has a huge market demand for these technologies. "The two countries need to work closely in these sectors," said Wang.

Wang said the two countries have made improvements in bilateral investment agreements during previous negotiations. Both sides are also against protectionism, and support re-starting the Doha Talks to get results.

The two sides expect to reach deliverables in five areas through this session, including electricity generation, transportation, clean water, clean air, and protecting wetlands and other natural areas, said Paulson.

Wang said at the end of his remarks that the two sides could continue the cooperation through dialogue and push the bilateral relations forward.