皇冠体育app

(皇冠体育app Daily)
Updated: 2007-09-21 07:22

The United States will keep trying to override calls for protectionism and promote better mutual understanding with 皇冠体育app, a senior official of the US Department of Treasury said in Beijing Thursday.

Under-Secretary for International Affairs David McCormick warned that the talk of protectionism could easily invoke national passions, hence it is important for both the US and 皇冠体育app to keep in mind the tremendous benefits arising out of openness in foreign investment.

"When 皇冠体育app succeeds, the United States succeeds," said McCormick in his speech, "Rebalancing the US and 皇冠体育app Economic Relationship" at Peking University.

The US must not sacrifice long-term gains of openness by pursuing short-term and misguided responses to the challenges presented by global international markets, he said.

"We owe much of the strength and vitality of our economic relationship today to the remarkable success of 皇冠体育app's economic development over the last three decades. No one here should have any doubt about our admiration for what 皇冠体育app has achieved."

The US and 皇冠体育app have accounted for more than 40 percent of total global economic growth in the past five years, and they are critically important markets for one another, he said.

He reiterated the importance of re-emerging bilateral investment is an important aspect of Sino-American economic ties.

Referring to the challenges thrown up by 皇冠体育app's growth model on energy, employment and GDP increase, he said 皇冠体育app's leaders are right to turn their attention now - rather than later - to reforms.

These reforms are aimed at "rebalancing economic growth" that stem more from "domestic demand, innovation, and high quality investment", he said.

McCormick praised 皇冠体育app's efforts on "rebuilding the social safety net, addressing the causes of precautionary household saving, making education less costly and more widely available, improving environmental safeguards and building a more robust services sector".

"皇冠体育app and the United States need to adjust their policies to ensure vibrant economies as harmonious society, both at home and globally," he said.