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China expresses faith in 'highly resilient' US economy to augment ties

August 20, 2011 - Beijing

China has expressed confidence in the US economy and its chances of recovery, as both sides reaffirmed their commitment to augment their ties.

Chinese Vice-President Xi Jinping said his country views the US economy as "highly resilient, and it has a strong capacity to repair itself. We believe that the US economy will achieve even better development as it rises to its challenges."

He said China would seek a "proactive fiscal and monetary policy" to maintain growth and rein in inflation.

"We are confident that we are able to maintain steady and fast economic growth. There will never be a so-called hard landing for the Chinese economy", the China Daily quoted Jinping, as saying at a roundtable discussion with US and Chinese political and business leaders.

He also urged that the US lift ban on the export of high technology products to China and take substantive steps to offer a fair environment for Chinese investment in the United States.

US Vice President Joe Biden said his country welcomed more Chinese direct investment.

Biden also hinted that at the announcement of 1 billion dollar commercial deals between companies of both sides.

Both Chinese President Hu Jintao and Premier Wen Jiabao said their country favoured mutually beneficial economic cooperation with the US to enhance market confidence and stabilize the international financial system.

"It is important that you've sent a very clear message to the Chinese public that the US will keep its word and obligations with regard to its government debt, that is, to preserve the integrity of its public debt, including its safety, liquidity and inflation-resistance," Jiabao said.


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