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Clinton: China and the US must work together

CHINA and America must work together if the world is to rebound from the financial crisis, United States Secretary of State Hillary Clinton said yesterday, adding that she wanted the Chinese to remain committed to investing in America.

"I don't think it's realistic to expect that we will see global recovery without Chinese and American cooperation and leadership," she said in an interview with popular Chinese television talk show "One on One."

Clinton also urged China to continue investing in US Treasury bonds as she ended her trip to Asia yesterday by saying the country's continued investment in the US was recognition the two countries depended on each other.

"I certainly do think that the Chinese government and central bank are making a smart decision by continuing to invest in Treasury bonds," she said during the interview. "It's a safe investment. The United States has a well-deserved financial reputation."

In order to boost the economy, the US has to incur more debt, she said. "It would not be in China's interest if we were unable to get our economy moving," Clinton said. "So by continuing to support American Treasury instruments, the Chinese are recognizing our interconnection. We are truly going to rise or fall together. We are in the same boat and, thankfully, we are rowing in the same direction.

"Our economies are so intertwined, the Chinese know that to start exporting again to their biggest market, namely the United States, the United States has to take some very drastic measures with this stimulus package, which means we have to incur more debt."

In meetings with President Hu Jintao, Premier Wen Jiabao and Foreign Minister Yang Jiechi on Saturday, Clinton has sought to reassure China that its massive holdings of US Treasury notes and other government debt would remain a solid investment.

Yang responded that China wants to see its foreign exchange reserves invested safely and wanted to continue working with the US. "I want to emphasize here that the facts speak louder than words. The fact is that China and the United States have conducted good cooperation, and we are ready to continue to talk with the US side," Yang said.

Clinton's emphasis on the global economy, climate change and security during her visit was a bid to highlight the growing importance of China-US relations.

As she wrapped up her trip, she met women representatives and attended church yesterday after a day of talks with Chinese officials focused on economic and climate change cooperation.

The session at the US Embassy in Beijing gathered female lawyers, academics, environmental activists, health care workers and entrepreneurs to highlight the growing leadership role of Chinese women.

Clinton and Yang said regular dialogue on economic issues would now include terrorism and other security issues. Details will be finalized by Hu and his US counterpart Barack Obama at an economic summit in London in April.



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