The US and China on Tuesday pledged to work together to fight climate change and promote free trade as part of a new era of closer cooperation between them. The two Pacific giants held a two-day in-depth meeting in Washington to map out the future of their relationship, which President Barack Obama said would shape the 21st century, AFP reports. US Treasury Secretary Timothy Geithner said that both countries were committed to reviving the global economy and firmly opposing protectionism. He said the US and China had promised each other to treat foreign-owned firms operating in their markets on a par with domestic companies when awarding government contracts. Mr Geithner added that China had promised to raise domestic consumption and reduce its heavy reliance on exports. Chinese Vice Premier Wang Qishan reiterated Mr Geithner's remarks, saying that "both parties will strengthen cooperation to build a strong financial system to ensure stability in both countries and in the world … [Read more...] about China, US agree to fight climate change, boost free trade
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GOVERNMENT IN BRIEF 25/4
Deputy PM welcomes Taekyeung College President Deputy Prime Minister Nguyen Thien Nhan received the Republic of Korea's (RoK) Taekyeung College President Yoo Jin Sun on April 24. At the reception, Nhan expressed his delight at the constantly developing friendship and cooperation between the two nations across a variety of fields—politics, diplomacy, economics, trade, investment, culture, and education. Photo: VGP Vietnam supports President Yoo Jin Sun's plan to open an international school for foreign children residing in Vietnam, Nhan said. He promised to direct the relevant ministries and sectors to facilitate the school's earliest possible establishment. Jin Sun said he hopes his college will effectively cooperate with Vietnamese universities and the Ministry of Industry and Trade to learn more about Vietnam's specific needs for tertiary education in economics, trade, and services. Taekyeung's first major cooperative initiative will focus on training … [Read more...] about GOVERNMENT IN BRIEF 25/4
China to target emerging countries as exports slip
China will seek to boost exports to emerging economies next year in the face of "severe challenges" caused by downturns in Europe and the United States, a senior official said Wednesday. To cushion the impact on exports -- a major engine of growth -- Beijing will target developing countries that are growing strongly, said Wang Shouwen, director of the commerce ministry's foreign trade department. "Next year I think that we will face severe challenges in our exports and imports," Wang told reporters at the release of a white paper on foreign trade marking the 10th anniversary of China joining the World Trade Organization. "However, some developing and emerging economies are enjoying sound economic performances so we will attach more importance to exports to these countries." Wang did not name specific countries but said Latin America and the Asian region would grow next year and "have demand" for Chinese exports. Leading Chinese officials have painted a gloomy picture … [Read more...] about China to target emerging countries as exports slip
Red faces at China talks hotel over ‘Amornini’ store
US officials in China for trade talks could be forgiven for doubting Beijing's claims it is doing all it can to stamp out piracy. Especially if they happened to spot the "Amornini" store in the hotel hosting the talks. The clothing store, whose bird logo closely resembles that of Italian fashion house Giorgio Armani, is just metres away from the hotel conference centre where top US and Chinese officials were holding their annual trade talks on Monday. The expensive-looking shop, along with others in the Jinjiang Hotel in the southwestern city of Chengdu, is closed due to security for the senior American and Chinese officials attending the two-day talks, which began Sunday. Vice Premier Wang Qishan, China's top official on financial affairs, told the meeting that the Asian country had made "positive progress" addressing US concerns, which include piracy, market access and the value of the yuan. A spokeswoman for the US government delegation -- led by US Commerce Secretary … [Read more...] about Red faces at China talks hotel over ‘Amornini’ store
Chinese officials arrive in US for China-US strategic dialogue
Chinese Vice Premier Wang Qishan and State Councilor Dai Bingguo arrived here Sunday afternoon for the third round of the China-U.S. Economic and Strategic Dialogue which will be held on May 9-10 in Washington DC. Dai will co-chair the "Strategic Track" of the dialogue with U. S. Secretary of State Hillary Clinton, while Wang will co-chair the "Economic Track" with US Treasure Secretary Timothy Geithner, each as a special representative of their respective presidents. The dialogue mechanism was upgraded from former Strategic Dialogue and biennial Strategic Economic Dialogue, which were initiated by the two heads of state in 2005 and 2006, respectively. Xinhuanews/VOVNews … [Read more...] about Chinese officials arrive in US for China-US strategic dialogue