China’s government has called on the United States to go “all-out” to stabilise its economy at a joint high-level summit between the two countries.
The strategic economic dialogue, attended by vice premier Wang Qishan and US treasury secretary Hank Paulson, comes amid a darkening economic climate which is already impacting on the Chinese economy.
“The most pressing issue we have to deal with is coping with global financial turmoil,” Mr Wang said in his opening remarks in Beijing.
“This is an important contribution to the stable development of world economy and finance.”
The state-run Xinhua news agency reported him saying both countries need to work together at the G20 summit, restore market confidence and prevent the crisis spreading any further.
The strategic economic dialogue was established by US president George Bush and Chinese counterpart Hu Jintao in 2006 “to provide a focused and effective framework for addressing economic issues of mutual concern”.
Mr Paulson said: “These first years of the strategic economic dialogue have demonstrated that direct engagement achieves results.
“Just as importantly, it has improved the relationship between our two countries so that we can effectively manage complex issues, such as the recent global financial turmoil. We have stood many tests so far, and I believe we can withstand many more.”
The biggest tension between the two states relates to the yuan, China’s currency, which many American traders believe is undervalued in a deliberate bid to help China’s economy.
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