On September 24, 2008, Premier Wen Jiabao of the State Council held talks with a number of people from the US economic and financial community in New York and exchanged opinions with them on the development of China-U.S. economic and trade relations and the current U.S. and global economic and financial situation.

Wen said the rapid growth of China-U.S. economic and trade relations has not only benefited and brought win-win results to the two countries and their people but also promoted the development of global economy. Today, the world economy faces many challenges, so it is very important for China and the U.S. to strengthen dialogue and cooperation and increase mutual trust. China hopes the U.S. recognizes its full market economy status and relaxes control on high-tech export so as to fundamentally ease trade imbalance between the two countries. We are willing to expand cooperation with the U.S. in the fields of investment, energy, environmental protection and climate change, enhance coordination on macroeconomic policies and jointly oppose trade protectionism in whatever form.

The subprime crisis of the U.S. has triggered turmoil in the international financial market, and the global economic prospects allow for no optimism. But we should recognize that the global economy, with twists and turns over the past decades, has survived crisis and maintained growth. The international community has greater capacity and richer experience to handle financial risks than in the past. In front of crisis, it is critical to have courage and confidence which are even more important than gold.

We have noticed the U.S. government and financial community have taken a number of key measures to stabilize its domestic financial market and hope such measures show positive results as soon as possible. China will also adjust policies in a timely manner to cope with changes in the economic situation and make macro control more flexible and targeted to maintain stability of the macro economy, the financial market and the capital market. We are ready to strengthen coordination and collaboration with the U.S. and hope countries in the world join hands to overcome difficulties and safeguard the stability of the international financial market. It is beneficial to the U.S., China and the world at large.

People from the U.S. economic and financial community who are present at the talks include President of the Federal Reserve Bank of New York Timothy Geithner, Chairman of the Board of Citigroup Inc. and former U.S. Treasury Secretary Robert Rubin, Chairman of the Board of the US-China Business Council and Chairman of the Board of The Dow Chemical Company Andrew Liveris, Nobel Prize Laureate in Economics and Columbia University Professor Joseph Stiglitz and President of the Council on Foreign Relations Richard Haass. They expressed opinions on the current U.S. financial crisis and raised suggestions on countermeasures. The influence of the existing financial crisis which has lasted for quite a long period of time and covers a wide range of areas has gone beyond the financial boundary. Confidence and effective measures are needed to cope with it. We should draw lessons from the crisis, such as intensifying reform of the banking system and strengthening supervision. Countries should enhance cooperation and address the crisis jointly. China is a stabilizing and promoting force for the world economic and financial systems. Under the current situation, to keep the stable and relatively fast growth of its domestic economy is a big contribution made by China to the world. They share the view to maintain the healthy development of U.S.-China economic and trade relations serves the interest of the two countries and the whole world as well. The U.S. and China should strengthen dialogue and coordination and expand cooperation. The U.S. businesses are confident of the future of the Chinese economy and willing to continue to increase investment in the country.