China, US vow to advance partnership

• Source: Global Times
• [02:28 November 18 2009]
• Comments

At a joint press conference following the summit meeting, President Hu told about 400 journalists that his talks with Obama were "candid, constructive and fruitful."

China and the US have more comprehensive shared interests, and a more extensive prospect for cooperation, Hu said.

Obama said the relationship has never been more important to their collective future.

"The major challenges of the 21st Century … are challenges that touch both our nations and challenges that neither of our nations can solve by acting alone," he said. "The United States welcomes China's efforts in playing a greater role on the world stage – a role in which a growing economy is joined by growing responsibilities."

On the economic front, the two sides pledged to rebalance each other's economies and implement forward-looking monetary polices for a strong and durable global economic recovery.

Obama said "China's partnership has proved critical in our efforts to pull ourselves out of the worst recession in generations."

"I was pleased to note the Chinese commitment made in past statements to move to a more market-oriented exchange rate over time. I emphasized in our discussions, as had others in the region, that doing so, based on economic fundamentals, would make an essential contribution to the global rebalancing effort."

President Hu urged the US to relax its control on the export of high-tech products to China. He also called on the US to recognize China's status as a market economy.

"Keeping the yuan stable at the current stage would benefit the counter-crisis efforts by both nations and also the world's financial stability," Vice Foreign Minister He Yafei said at a briefing yesterday.

Recognizing the importance of open trade and investment on their domestic and the global economies, the two are committed to fighting protectionism in all its manifestations.

Despite few signs for a major breakthrough at the climate meeting in Copenhagen next month, the two countries agreed to strive for an agreed outcome, including an accord that covers all the issues and has an "immediate operational effect," Obama said.

The agreement should include emission-reduction targets of developed countries and nationally appropriate mitigation actions of developing countries, the statement said.

In the statement, the two sides acknowledged Iran's right to peaceful use of nuclear energy under the Non-Proliferation Treaty (NPT) and noted that it should fulfill its due international obligations under that treaty. Meanwhile, the two also called for an expedited resumption of the Six-Party Talks on the Korean nuclear issue.

Both sides also supported the efforts of Afghanistan and Pakistan to fight terrorism, the statement said.

And the US said it welcomes the peaceful development between the Chinese mainland and Taiwan

Meanwhile, China and the US recognize common interests in promoting the peaceful use of outer space.

Chinese President Hu Jintao will visit the US next year, the statement said.

Global Times/Xinhua