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US, China agree to fight protectionism

Beijing, December 13, 2007

The United States and China agreed they need to take steps to boost growth and keep their economies in balance, US Treasury Secretary Henry Paulson said on Thursday.

'We also both recognise the need to fight economic nationalism and protectionism in our two nations,' Paulson said in prepared remarks for a joint news conference with China's Vice-Premier Wu Yi after a two-day 'strategic economic dialogue'.

Paulson said the year-old dialogue had provided a sound foundation on which to expand cooperation to ensure that food and product safety measures were extended.

The two countries agreed earlier on steps to make sure that Chinese-made toys and food items meet US safety standards.

The United States and China 'agreed to conduct extensive co-operation over a 10-year period' on measures to increase energy efficiency and security, including the further adoption of clean technology, Paulson said.

Wu said said the two sides had achieved satisfactory results and had gone beyond burning trade and economic issues of the day.

The next instalment of the dialogue will take place in Washington in June, she said. - Reuters




Tags: China | US | protectionism |

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