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China expects to solve problems with U.S. in May dialogue

Source:   Publisher:fabrics   Published:2010-03-25

Chinese Premier Wen Jiabao said here Monday that an upcoming high-level political and economic dialogue would be "very important" for China and the United States to solve problems the two countries have regarding trade and currency.

The second round of the China-U.S. Strategic and Economic Dialogue, slated for May in Beijing, "will be a chance for China and the United States to settle disputes and problems," Wen told a group of overseas entrepreneurs attending a two-day forum in Beijing.

"We attached great importance to the dialogue," he added.

Wen’s remarks came as the U.S. is pressing China to appreciate the yuan and limiting Chinese products from entering its market by raising trade barriers.

"The China-U.S. relationship is of great importance," Wen said, noting it concerns the fundamental interests of the two peoples, and its significance goes further than that.

Highlighting trade ties of overall bilateral relations, Wen said he believes some existing differences and problems could be solved through fair consultation.

"Looking back, the disputes and differences between China and the United States have been settled one by one, leading to an increasingly close political and economic relationship," said the premier.

He said China welcomes American enterprises to explore business in China, and would expand imports from the United States in the future.

The China Development Forum, with a theme of "China and the World Economy: Growth, Restructuring and Cooperation", drew over 200 foreign executives from prominent transnationals including Ford, Rio Tinto and Royal Dutch Shell.

In response to a question from Chairman of the Morgan Stanley Asia Stephen Roach concerning emerging trade disputes and protectionism, Premier Wen urged all countries and companies not to start trade and currency wars, which would be harmful to the recovery of world economy.

"We are happy that the world economy shows good signs of recovery, however, some factors make us feel that the recovery will not be so smooth," he said, referring to high unemployment in some big economies, unstable prices of bulk products and inflation.

The premier called on people around the world to stay cool-headed at a time when world economy starts to resume. He said China promises not to pursue trade surplus and wants to enlarge the country’s imports.

He said China’s future economic growth relies on technology development, in particular, high technology such as life and biological technologies.

As for China’s emission cut plan, Premier Wen stressed China regards its energy conservation and emission cut as an important strategy throughout the 11th and 12th five-year plan as well as its future development.

"We will implement our goal of 40-45 percent reduction of carbon intensity by 2020 in the 12th five-year plan," he said.

Concerning China’s capital market reform, Wen acknowledged that some problems still exists in the management and monitoring of the financial sector, adding China is determined to establish an "integrated, sound and sustainable" financial system.

China would combine direct and indirect financing to expand the role of the capital market, he said.

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