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BIZCHINA / Center
Washington promises better trade ties
(China Daily)
Updated: 2007-09-21 10:03
The United States will keep trying to override calls for protectionism
and promote better mutual understanding with China, a senior official of
the US Department of Treasury said in Beijing yesterday.
Under-Secretary for International Affairs David McCormick warned that the
talk of protectionism could easily invoke national passions, hence it is
important for both the US and China to keep in mind the tremendous
benefits arising out of openness in foreign investment.
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"When China succeeds, the United States succeeds," said McCormick in his
speech, "Rebalancing the US and China Economic Relationship" at Peking
University.
The US must not sacrifice long-term gains of openness by pursuing
short-term and misguided responses to the challenges presented by global
international markets, he said.
We owe much of the strength and vitality of our economic relationship
today to the remarkable success of China's economic development over the
last three decades. No one here should have any doubt about our
admiration for what China has achieved."
The US and China have accounted for more than 40 percent of total global
economic growth in the past five years, and they are critically important
markets for one another, he said.
He reiterated the importance of re-emerging bilateral investment is an
important aspect of Sino-American economic ties.
Referring to the challenges thrown up by China's growth model on energy,
employment and GDP increase, he said China's leaders are right to turn
their attention now - rather than later - to reforms.
These reforms are aimed at "rebalancing economic growth" that stem more
from "domestic demand, innovation, and high quality investment", he said.
McCormick praised China's efforts on "rebuilding the social safety net,
addressing the causes of precautionary household saving, making education
less costly and more widely available, improving environmental safeguards
and building a more robust services sector".
"China and the United States need to adjust their policies to ensure
vibrant economies as harmonious society, both at home and globally," he
said.
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