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China, US agree to cooperate on economic recovery

(Xinhua)
Updated: 2009-07-28 11:43

Chinese and US economic officials agreed on Monday to better cooperate to tackle the global economic crisis and achieve balanced and sustained economic recovery.

During the second session of the China-US economic dialogue, representatives from both countries exchanged views on ensuring sustained and balanced growth, said Zhang Xiaoqiang, vice minister of the National Development and Reform Commission, at a press conference.

"Against the backdrop of the global financial crisis, as the largest developing country and the largest developed country in the world, China and the United States' enhanced cooperation to deal with the crisis is of great significance," Zhang said after the session.

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He told reporters that the Chinese government has made timely adjustment to the macroeconomic policies, and resolutely implemented a proactive fiscal policy and a moderately easy monetary policy since the fourth quarter last year, in response to the global financial crisis.

By implementing measures such as significantly increasing fiscal spending and carrying out structural tax reduction, China has achieved for the first half of this year a 7.1-percent growth in GDP, a 15-percent growth in retail sales of consumer goods, and increased urban and rural incomes by 11.2 percent and 8.1 percent, respectively, Zhang said.

Other measures of adjusted macroeconomic policies he mentioned also included lowering the benchmark interest rates on savings and loans for financial institutions on several occasions to enhance the liquidity of the banking system, and adopting a succession of policies and measures with respect to investment, consumption, foreign trade, among others.

As the global economy recovers, two countries will transform their respective economic growth pattern, with the US increasing its national savings as a share of GDP while China continuing to stimulate domestic demand, particularly consumer spending, he noted.

Together, both sides will enhance cooperation in the areas including employment promotion, social security, healthcare system reform and rural economic development, and also explore new cooperation opportunities in the process of their respective transformation to achieve mutually beneficial and win-win results, he added.

Launched by Chinese President Hu Jintao and US President Barack Obama during their first meeting in London in April, the first round of China-US Economic and Strategic Dialogue started from July 27 in Washington, D.C..

The "economic track" of dialogue is co-chaired by Chinese Vice Premier Wang Qishan and US Secretary of Treasury Timothy Geithner, while Chinese State Councilor and US Secretary of State Hillary Rodham Clinton co-host the "strategic track."