About Us   Jobs   Contact Us      


China Urges U.S. to Evaluate Financial Crisis Policy Efficiency
    2008-12-04 23:06:36     Xinhua

China's central bank governor, Zhou Xiaochuan, on Thursday urged the United States to constantly evaluate the efficiency of measures for coping with the financial crisis.

The United States should give full consideration to the possible impact of its measures on the global economy, Zhou said in a speech here to the fifth China-U.S. strategic economic dialogue (SED).

He was quoted by Jin Qi, director general of the central bank's international department, when meeting the press as saying that China hoped the U.S. measures would play a positive role as soon as possible in safeguarding stability and restoring confidence.

Zhou said excessive U.S. consumption and over-reliance on debt were key reasons for the crisis, and he urged the United States to raise its savings rate and reduce its budget and trade deficits.

He also said China and the United States should increase cooperation to regulate financial derivatives and unconventional banking arrangements.

Zhou urged the two sides to strengthen regulation for safeguarding financial stability while pursuing development, in a bid to enhance macro-management of the economy and push toward economic balance.

China's financial system, generally speaking, was stable and safe amid the international financial crisis, Zhou said. He noted that the domestic and international markets had confidence in China's financial stability.

China would closely focus on the management and risks of domestic financial bodies and also on changes in the foreign financial markets, he said.

The crisis had revealed the shortcomings of U.S. financial institutions in risk management and regulation. Zhou urged the United States to learn its lesson and properly handle the relationship between risks and benefits and between regulation and innovation.

He also hoped that China and the United States would work together to implement the consensus reached at the G20 summit, which was a meeting of leaders from the 20 richest countries and emerging economies in Washington D.C. in mid-November.

The two nations should make joint efforts to promote the reform of the international currency and financial system, he noted.

Initiated by the heads of the two countries in 2006, the biannual SED is the highest-level regularly scheduled dialogue between the two nations. Beijing is hosting the current two-day session.



CRIENGLISH.com claims the copyright of all material and information produced originally by our staff. No person, organization and/or company shall reproduce, disseminate or broadcast the content in any manner whatsoever without the express written permission of CRIENGLISH.com.

CRIENGLISH.com holds neither liability nor responsibility for materials attributed to any other source. Such information is provided as reportage and dissemination of information but does not necessarily reflect the opinion of or endorsement by CRI.

Also on our site
China | World
• Russian Natural Gas Supplies to Balkans Halted
• Three Israeli Soldiers Killed in Friendly Fire in Gaza
• Polanski's Lawyers Seek to Have Sex Case Dismissed
• Foreign Journalists still Not Allowed into Gaza
• US VP-elect Joe Biden to Visit Pakistan
• China Curbs Overseas Trips on Public Expense
Business | Sports | SciTech
• China Issues Long-awaited 3G Licenses
• Wahaha, Danone Start Trademark Arbitration
• GM Reports 31 Percent Sales Decline in U.S. Market
• Call for More Overseas Talents
• Bulgarian Figure Skating Champion Sentenced to 2.5 Years in Prison
• China's Mission to Mars Set for Take-off
Life | Showbiz
• A Seemingly Endless Scandal
• Asian Art Top Show Kicks off in Beijing
• Behind-the-Scene Photos of "Look for a Star"
• Universal Pictures Movies Set New B.O. Record in 2008
• Tan Dun's Deep Pool of talent
• Top 10 Shows in 2008 
• China Drive, Afternoon, 2009-01-07
• China Drive, Afternoon, 2009-01-06
• China Drive, Morning, 2009-01-06
• Official Property Declaration System
• India handed over evidence of Mumbai attacks to Pakistan
• EU delegation holds talks to push for a cease-fire in Gaza
• Mubarak Meets with EU Troika on Gaza Situation
• Bush says any Gaza ceasefire must stop Hamas rocket fire
View the Messages