Thu, April 02, 2009
China > China & World > London G20 summit 2009

China, U.S. pledge joint efforts to revive world economy

2009-04-02 00:46:16 GMT2009-04-02 08:46:16 (Beijing Time)  Xinhua English

Chinese President Hu Jintao (L) shakes hands with U.S. President Barack Obama during their meeting in London, Britain, on April 1, 2009. (Xinhua/Ju Peng)

LONDON, April 1 (Xinhua) -- China is ready to work together with the United States to bring about an early recovery of the faltering world economy, Chinese President Hu Jintao said here Wednesday during his first face-to-face talk with his U.S. counterpart Barack Obama.

The international financial crisis is still spreading and deepening, taking a heavy toll on the economy and people's lives in countries around the world, Hu said. Working together to tackle the crisis has become the top priority of the international community, he said.

China welcomed the economic stimulus plans adopted by the U.S. side, and hoped they would take effect as soon as possible to restore financial market stability and economic growth, Hu said.

Since the onset of the crisis, China and the United States have maintained effective coordination and cooperation, Hu said, adding that China will continue to enhance coordination in macroeconomic policies with the U.S. side, expand cooperation in trade and investment, push forward the reform of the international financial system, reinforce financial regulation, maintain international financial stability and restore world economic growth.

For his part, Obama said both the United States and China have benefited from their strong economic relationship, and the two countries should continue promoting trade and economic cooperation on this basis.

After the outbreak of the financial crisis, China has launched massive economic stimulus plans, and similar measures were also taken by the United States, Obama said, adding that he hoped all members of the G20 group could take stimulus measures to revive world economic growth.

Meanwhile, efforts should be made to replenish the resources of international financial institutions, strengthen financial regulation and reform international financial institutions, he said.

Both countries should also discuss measures to stimulate world economic growth and development from a long-term perspective, he said.

Hu and Obama stressed that China and the United States, as two of the world's major economies, will work together with other countries to help revive a strong world economic growth, stabilize the international financial system so as to avoid the reoccurrence of similar grave crisis.

They shared the views that the stimulus measures taken by both countries have contributed to enhancing global economic stability, and agreed that a powerful financial system is crucial for reviving the world economic growth.

The two leaders also agreed to replenish the resources of international institutions to help meet the capital shortage of emerging market and developing countries and pledged to work together for this end.

The two leaders expressed their firm support for global trade and investment flow that is beneficial to all, and promised to oppose protectionism and ensure their sound and stable bilateral trade ties.

Moreover, both leaders agreed to further deepen mutually beneficial cooperation in a wide range of fields, strengthen policy dialogue and pragmatic cooperation in energy, environment and climate change, and resume and expand consultation in non-proliferation as well as other security issues.

The two leaders agreed to resume dialogue on the human rights issue at an early date, and expressed the commitment to improving and developing relations between the armed forces of the two countries.

Hu and Obama met on the sidelines of the Group of 20 (G20) summit slated for Thursday, where leaders and central bank governors from the world's 20 biggest economies will gather to discuss cooperative measures to tackle the international financial crisis, among other issues.

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