China for more economic ties with U.S.

July 22, 2009 at 2:14 AM   |   0 comments

BEIJING, July 22 (UPI) -- China's envoy to Washington says his country plans to expand economic and trade cooperation with the United States.

In an interview in Beijing with China's official news agency Xinhua, Zhou Wenzhong praises the U.S. government's economic stimulation plans, saying he hoped they would yield more results.

"We will enhance policy coordination on macro-economics and expand economic and trade cooperation with the United States," he said.

Zhou said China is pushing for reform of the international financial system and tighter financial monitoring to resolve the global financial crisis.

China and the United States now rank as each other's second-largest trade partners with figures showing their bilateral trade surged to nearly $334 billion last year, or more than 130 times the level in 1979, the year the two countries established diplomatic relations.

Currently, China is the largest lender to the United States with more than $700 billion and also holds the world's largest foreign exchange reserves totaling more than $2 trillion.

The two countries also seeking to cooperate on clean energy and on climate change. The two are the world's top two greenhouse gas emitters.

Last week, visiting U.S. Commerce Secretary Gary Locke told a Shanghai audience he expects bilateral cooperation in clean energy technology and carbon emission elimination, the report said.

"I want China and the United States to lead the world and save the planet from irreversible climate change," Locke was quoted as saying.

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