| |
| |
 |
| |
|
| |
|
| |
|
WASHINGTON: The United States and China have agreed to work towards a treaty on bilateral investments. The announcement was made at the end of two days of discussions as part of the Strategic Economic Dialogue.
It was the first time that Vice Premier Wang Qishan has taken over the Chinese leadership of the Strategic Economic Dialogue. It was also a chance for him to meet up with an old friend, US Treasury Secretary Henry Paulson who he knew as Chief Executive of the investment bank Goldman Sachs.
Paulson said: "We seek energy security which is so vital to our economic security, while taking the necessary steps and making the necessary technological advances to preserve the health of our planet."
The US and China have agreed to work together over ten years at the government, industry and research levels to develop alternative energy sources and cut down on pollution.
Wang said: "This has enhanced our mutual understanding, increased strategic mutual trust, and helped us to achieve much common understanding. And it is fair to say that this is a highly productive pact."
The two sides also agreed to work towards a treaty on bilateral investment to agree a set of rules which both countries will have to abide by.
Paulson added: "If we successfully complete a bilateral investment treaty, it will be a big achievement whenever that is completed."
The Treasury Secretary said he was pleased that China had allowed the yuan to appreciate in value and plans to continue to press China to fullly marketise its currency. They discussed ways in which China could learn the lessons of America's recent economic turmoil.
Wang continued: "We had in-depth discussions about major issues confronting economic growth in both countries which include the US sub-prime crisis, turmoil on the international financial markets and global food security."
Secretary Paulson was asked what he thought of recent criticisms by Chinese officials in the media over the state of the US economy, particularly on the weak dollar.
Secretary Paulson also emphasized the need to look beyond the current US election cycle. Instead, he wants the talks to be a continuing forum to advocate for more free trade and to fight against protectionist sentiments in both countries.
And so he will continue talking to his old friend in China.
The warm personal chemistry between the two leaders could prove useful as the US and China try to navigate a route through current economic and political uncertainties. - CNA/vm
|
