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China, US Work Together to Combat Financial Crisis

  • Stephanie Ho

Chinese President Hu Jintao says he appreciates US efforts to work together with China to combat the global financial crisis. His comments came Tuesday in a meeting with visiting U.S. Treasury Secretary Timothy Geithner.

U.S. Treasury Secretary Geithner met Tuesday with two of China's top leaders, including Premier Wen Jiabao and President Hu Jintao.

Mr. Hu had special praise for Geithner.

Hu says he appreciates the U.S. official's efforts to cooperate with Chinese colleagues in dealing with the financial crisis.

Geithner said cooperation between the United States and China is already showing positive results.

"I think we have already demonstrated the capacity of our two countries to work together on the global stage to lay a foundation for economic recovery. And I think, partly because of the strength of the actions that have been put into place by your government and by President Obama, we are starting to see some early signs of stabilization and recovery in the global economy," said Geithner.

In a round of interviews with Chinese media Tuesday, Geithner said one of his main goals was to reassure Chinese officials that Washington is determined to bring down the size of its deficits, once the current crisis has passed.

China is America's largest creditor, with Treasury securities holdings worth $768 billion.

This year's U.S. budget deficit is expected to surpass $1.8 trillion, four times the previous single-year record.

Meanwhile, the United States and China will inaugurate their Cabinet-level Strategic and Economic Dialogue in Washington in the last week of July.

Treasury Secretary Geithner and Chinese Vice Premier Wang Qishan will lead the economic track of the so-called SAED. Secretary of State Hillary Clinton and Chinese State Councilor Dai Bingguo will head parallel talks on strategic and security issues.

The high-level talks will take place, once a year, in alternate capitals.

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