ID :
33999
Fri, 12/05/2008 - 09:29
Auther :
Shortlink :
https://oananews.org//node/33999
The shortlink copeid
China, U.S. urge world to shun protectionism amid global financial crisis
BEIJING, Dec. 4 Kyodo -
China and the United States on Thursday called on countries around the world
not to close their markets to foreign competition in an attempt to insulate
them from the global financial crisis.
Leaders from both countries attending a China-U.S. economic summit in Beijing
said that economic protectionism would only harm efforts to boost the global
financial system and that free and fair trade is the best way to kick-start
economies.
China's Commerce Minister Chen Deming told reporters, ''We must work together
to oppose any protectionism in the field of trade and investment. I think this
strong political will, embodied by our leaders' statements, shows they have
learned the lessons of the 1930s financial crisis when protectionism had
disastrous consequences for economies.''
Chen also rejected speculation among some analysts that the government is now
trying to artificially push down the value of the Chinese currency, or
renminbi, to cheapen the cost of Chinese goods abroad and boost the fortunes of
exporters who have been hard hit by the fall in demand for their products
overseas.
The renminbi, whose principal unit is the yuan, has risen in value by about 20
percent against the dollar in the past three years, but has recently dipped in
strength, prompting speculation that China is seeking a weaker currency.
Chen said, ''Since September, when we had the first financial tsunami, the
renminbi exchange rate against the dollar has remained relatively stable. If we
are lucky there will be no further serious financial problems and if we are
lucky and see all countries working together, then hopefully the exchange rate
of the yuan will remain stable.''
U.S. officials said the first day of the economic summit was largely dominated
by the fallout from the global financial crisis and efforts to shore up the
world economy, although other issues including open access to Chinese markets
and the yuan exchange rate were discussed.
The two governments also signed a range of agreements to increase cooperation
in energy supplies and environmental protection, but no major agreements are
expected at the two-day meeting ahead of President-elect Barack Obama taking
office in Washington next month.
U.S. Trade Representative Susan Schwab said, ''We continue to have trade issues
where we know we can make improvements and there are differences between us,
but this continues to be a good forum for us to discuss those issues.''
This week's talks are the fifth round of the China-U.S. Strategic Economic
Dialogue set up two years ago by President George W. Bush and his Chinese
counterpart Hu Jintao to discuss economic issues affecting the two nations.
Obama has yet to say whether his administration will continue the process after
he takes office, but U.S. officials have indicated that he is fully aware of
the importance of maintaining close and regular ties with China.
==Kyodo
China and the United States on Thursday called on countries around the world
not to close their markets to foreign competition in an attempt to insulate
them from the global financial crisis.
Leaders from both countries attending a China-U.S. economic summit in Beijing
said that economic protectionism would only harm efforts to boost the global
financial system and that free and fair trade is the best way to kick-start
economies.
China's Commerce Minister Chen Deming told reporters, ''We must work together
to oppose any protectionism in the field of trade and investment. I think this
strong political will, embodied by our leaders' statements, shows they have
learned the lessons of the 1930s financial crisis when protectionism had
disastrous consequences for economies.''
Chen also rejected speculation among some analysts that the government is now
trying to artificially push down the value of the Chinese currency, or
renminbi, to cheapen the cost of Chinese goods abroad and boost the fortunes of
exporters who have been hard hit by the fall in demand for their products
overseas.
The renminbi, whose principal unit is the yuan, has risen in value by about 20
percent against the dollar in the past three years, but has recently dipped in
strength, prompting speculation that China is seeking a weaker currency.
Chen said, ''Since September, when we had the first financial tsunami, the
renminbi exchange rate against the dollar has remained relatively stable. If we
are lucky there will be no further serious financial problems and if we are
lucky and see all countries working together, then hopefully the exchange rate
of the yuan will remain stable.''
U.S. officials said the first day of the economic summit was largely dominated
by the fallout from the global financial crisis and efforts to shore up the
world economy, although other issues including open access to Chinese markets
and the yuan exchange rate were discussed.
The two governments also signed a range of agreements to increase cooperation
in energy supplies and environmental protection, but no major agreements are
expected at the two-day meeting ahead of President-elect Barack Obama taking
office in Washington next month.
U.S. Trade Representative Susan Schwab said, ''We continue to have trade issues
where we know we can make improvements and there are differences between us,
but this continues to be a good forum for us to discuss those issues.''
This week's talks are the fifth round of the China-U.S. Strategic Economic
Dialogue set up two years ago by President George W. Bush and his Chinese
counterpart Hu Jintao to discuss economic issues affecting the two nations.
Obama has yet to say whether his administration will continue the process after
he takes office, but U.S. officials have indicated that he is fully aware of
the importance of maintaining close and regular ties with China.
==Kyodo
