Unbalanced recovery better than balanced recession: China

November 21st, 2011 - 3:48 pm ICT by IANS  

Beijing, Nov 21 (IANS) Vice Premier Wang Qishan said Monday that an unbalanced recovery would be better than a balanced recession, in light of the current condition of the global economy.

He made the remark at the 22nd session of the China-US Joint Commission on Commerce and Trade (JCCT), held in China’s southwestern city of Chengdu, reported Xinhua.

The two countries’ stable development will make positive contributions to the world, Wang said, adding that China is ready to conduct closer and broader economic cooperation with the US.

Wang called on the US to make substantive progress in relaxing controls on high-tech exports to China, avoiding the abuse of trade remedies, recognizing China’s market economy status, and giving equal treatment to Chinese companies that invest in the US.

China and the US should reject trade protectionism, avoid politicising economic issues and work together to promote the robust, sustainable and balanced growth of the world economy, Wang said.

He lauded the rapid development of Sino-US trade and investment, noting that two-way trade volume from January to October hit $363.1 billion, demonstrating year-on-year growth of 17 percent.

China has made positive accomplishments in protecting intellectual property, promoting the use of genuine computer software and cracking down on counterfeiting, Wang said.

Wang co-chaired the meeting with US Commerce Secretary John Bryson and Trade Representative Ron Kirk.

US Agriculture Secretary Tom Vilsack was also present as part of a US government delegation seeking more export opportunities from China.

The two sides held a closed-door meeting Nov 20.

Established in 1983, the JCCT is a platform for China and the US to promote trade relations and address issues of mutual concern.

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