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Wen Jiabao: Chin and the U.S. Should Join Hands to Meet Opportunities and Challenges Posed by Globalization

2007-12-13

On December 13, 2007, Chinese Premier Wen Jiabao met at the Great Hall of the People with Special Representative of U.S. President George W. Bush & Treasury Secretary Henry Paulson and his entourage, who are here in China for the Third Strategic Economic Dialogue (SED) between China and the United States.

Premier Wen said as China is the largest developing country in the world and the U.S. the largest developed one, their economic and trade cooperation is of great influence. He believed the interests of the two countries are even more intertwined and interdependent against the backdrop of economic globalization. The smooth development of China-U.S. trade relations not only benefits the two peoples but also contributes to global economic development, he said. He called on both countries to join hands to respond to the opportunities and challenges posed by globalization, strengthen mutually beneficial cooperation and achieve common development, so as to promote the balanced and beneficial development of economic globalization.

Wen pointed out that the divergences and frictions in rapid development of China-U.S. trade cooperation are only minor aspects compared with the great interests brought about by economic and trade cooperation between the two countries. Wen called on both sides to eye on general situation from a long-term perspective, and properly settle disputes through dialogue and consultation in a constructive way and according to economic law.

China attached importance to the trade imbalance with the United States, Wen said, adding it had taken a series of positive measures to reduce the trade surplus. "We also hope the U.S. side will attach importance to our concerns, formulate open policies of trade and investment, lift limitations on China's exports and provide a fair environment for Chinese companies to invest in the United States," the premier said. He urged the U.S. to work with China to promote balance development of bilateral trade.

China will stick to its reform and opening-up, and continue to adjust economic structure and transform development mode, which would offer more opportunities for countries including the United States to carry out economic cooperation with China, Wen said. The premier urged the two countries to make best use of the SED mechanism, continue to enhance strategic trust and make joint efforts to push forward mutual-beneficial bilateral trade.

Paulson briefed on the Third Strategic Economic Dialogue (SED). He said the SED with China had been "instructive". It helped to enhance understanding and build trust, which was very important to settle "sensitive" and "complicated" issues between the two countries. An economically developed China was in the interests of the United States, Paulson said, adding his country could see no advantage without China's economic growth. The United States is to work closely with China to build long-term stable trade ties, he added.

Chinese Vice Premier Wu Yi attended the meeting.

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