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China urges US to reduce trade barriers

(Xinhua)
Updated: 2008-04-03 23:53

China urged the United States in Beijing on Thursday to lift export restrictions that affect China and reduce trade and investment barriers to promote bilateral trade relations.

"Cooperation in the economic and trade fields is an important basis for Sino-American relations", said Chinese Premier Wen Jiabao, according to a press release from the Chinese Foreign Ministry, during a meeting with visiting US Treasury Secretary Henry M. Paulson.

Related readings:  Yuan appreciation more rapid: Paulson  China accuses US for raising 'technical barrier' to protect trade  China's trade surplus drops sharply to US$8.55b in February  Sino-US trade grows steadily in first 3Qs

Wen said that bilateral cooperation in the areas of trade, investment and finance had developed to a very high level. He said that China had taken active measures to address its trade imbalance with the United States, which had already had "some positive effects".

Wen pointed out that the two nations should step up cooperation in energy and environment, which has great significance to the sustainable development of the world economy.

"China will join with the United States to strengthen dialogue and policy coordination and further implement the relevant projects to make cooperation in these fields a new growth point for both economies," the Chinese premier said.

Wen applauded the China-US Strategic Economic Dialogue (SED), calling on both sides to make diligent efforts to prepare for the fourth session, which is to be held in Washington in June.

Paulson, who came to China as a special envoy of US President George W. Bush, briefed Wen about the latest developments in the US economy, noting that the success of the SED served the interests of both sides.

Paulson said that a decade-long plan covering energy and environmental cooperation could be a choice for both countries. He added that the United States highly valued the SED and would make constructive efforts to boost the dialogue mechanism.

Launched in September 2006, the SED, a biannual economic strategic dialogue, serves as a platform to discuss long-term, strategic and comprehensive issues in the bilateral trade relationship.