China seeks open trade, co-ordinated, balanced growth at G20

Chinese President Hu Jintao proposed a four-point proposal at the G20 summit for realising strong, sustainable and balanced growth of world economy even as he and his US counterpart Barrack Obama "struck a positive note" to narrow the growing differences between the two countries.

Hu in his address to the G20 summit proposed that the world community should improve the framework for strong, sustainable and balanced growth and promote cooperative development.

His proposals stated that the world community should champion open trade and promote coordinated development, reform the financial system by promoting stable development and strive to narrow the development gap and promote balanced development, state run Xinhua reported.

Both Hu and Obama who met on the sidelines of the summit yesterday struck a positive note, Chinese state run China Daily reported.
  
"China hopes the US can follow a positive and constructive China policy, which is conducive to stabilising and developing bilateral ties," Hu told Obama.

The meeting took place in back drop of China's concerns over US intervention in South China Islands disputes between China and several other East Asian countries, and Obama's Asia trip, which is "widely interpreted as aiming to contain China's increasing influence in the region", the Daily said.

Obama said it was his seventh meeting with Hu, the most he has had with any foreign leader since the start of his presidency in January 2009, which shows how highly he valued their relationship.

This is their last bilateral meeting before Hu embarks on a US visit early next year, Obama said.

Hu said that China was ready to hold "constructive communication" with the US on trade and economic issues, and find ways to solve disputes, which included persistent US demand that China should increase value of its currency Yuan.

The US accused Beijing of keeping the yuan artificially low against the US dollar to boost its trade surplus. Hu urged the US to loosen export restrictions on high-tech products to China as soon as possible and provide a level playing field for Chinese firms investing in the US.

Meanwhile China's currency yuan, strengthened against dollar trading at 6.6239 per US dollar, setting a new record. Hu also said that China is quite concerned about quantitative easing monetary policy adopted by the US, including the Federal Reserve Bank's recent plan to buy USD 600 billion of Treasuries to stimulate the economy.