Biz News Flash

China, US co-op in altering development pattern has significance

(Xinhua)
Updated: 2011-05-11 16:14

WASHINGTON -- The cooperation between China and the United States in promoting transformation of economic development pattern has significance for the future, China's National Development and Reform Commission (NDRC) said here Tuesday.

"China has made it clear that we will take adjustment of economic structure as the direction for accelerating the transformation of economic development pattern," Zhang Xiaoqiang, the Vice-Minister of NDRC said in a press conference during the third-round China-US Strategic and Economic Dialogue (S&ED), which kicked off on Monday.

Zhang added that according to the newly released 12th Five-Year Plan for national economic and social development, China will take scientific development as a main theme, take accelerating the transformation economic development pattern as a major goal, and better address imbalances, uncoordinated, and unsustainable issues in the process of development.

He also said that China will intensify the efforts to implement the strategy of increasing domestic demand, particularly consumer spending, and promote science and technology advancement and innovation, push forward optimization and upgrade of industry structure, and promote coordinated urban and rural development, and strive to build resource conserving, environmental friendly society.

Zhang noted that the US mainly introduced the government's effort to readjust its economic structure and achieve sustainable growth during discussion with the Chinese delegation.

"Both sides jointly recognized that the efforts taken by US and China in terms of readjust the economic structure will have long standing and significance for the future." said Zhang.

The two countries have agreed to jointly explore new cooperation opportunities through policy exchanges and coordination so as to achieve mutual benefit and win-win cooperation and better achieve respective goals in terms of restructure and transformation of economic development pattern.

The two-day S&ED is co-chaired by Chinese Vice-Premier Wang Qishan, State Councilor Dai Bingguo, US Secretary of State Hillary Clinton and Treasury Secretary Timothy Geithner.

The dialogue mechanism was upgraded from the former Strategic Dialogue and biennial Strategic Economic Dialogue, which were initiated by the two countries in 2005 and 2006, respectively.