China calls for US to stabilise markets
05-12-2008
China has urged the United States to spare no effort to stabilise its economy and financial markets to help avert a global recession. Speaking at the start of a fifth meeting of the cabinet-level "Strategic Economic Dialogue" between the United States and China, Vice-Premier Wang Qishan said Beijing was doing its part by pursuing fast growth. "The priority is...to restore investor confidence as quickly as possible, to prevent the financial crisis from getting worse and to avoid a global economic recession," Mr Wang said at the start of two days of talks. With US Treasury Secretary Henry Paulson looking on, he said Beijing backed US initiatives to steady world markets and had acted responsibly to try to achieve the same goal. But Mr Wang urged Washington in return to heed Beijing's needs. "I hope the United States will take all necessary measures to stabilise its economy and financial markets as soon as possible and to ensure the security of Chinese investments and interests in the United States," he said. It was unclear to what Mr Wang was referring. The two governments are in the midst of what Mr Paulson called "productive" negotiations on a new bilateral investment treaty. But Mr Wang's comments may also have reflected long-standing concerns in some Chinese circles about Washington's stewardship of the dollar and a constant debate among policy advisers over whether China should add to its hefty US debt holdings.
