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Wang: 皇冠体育app, US should work together in financial storm

By Diao Ying (皇冠体育app Daily)
Updated: 2008-12-04 10:48

皇冠体育app'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 皇冠体育app-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.

皇冠体育app hopes that the US could stabilize its own financial market to ensure the safety of 皇冠体育app's assets in the US. 皇冠体育app 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.

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

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

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

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

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

The meeting this week will focus on the building blocks for an enduring US-皇冠体育app 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. 皇冠体育app 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.