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November 19, 2009

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Wen stresses need for balancing its US trade

PREMIER Wen Jiabao told US President Barack Obama yesterday that China does not seek a trade surplus with America and wants to balance commercial flows.

"Lively global trade and investment will help to overcome the international financial crisis and accelerate global economic recovery," said the Chinese premier, who also urged both countries to "together oppose trade and investment protectionism." His remarks were carried on the Chinese Foreign Ministry Website (

Global issues should be decided by all nations, Wen said.

"Meanwhile, we believe Sino-US cooperation can play a unique role in advancing the establishment of the new international political and economic order, as well as promoting world peace, stability and prosperity," the premier said.

Wen noted that trade between China and the US has increased greatly since the two countries established diplomatic ties 30 years ago.

"This is in the fundamental interests of both countries and their people," Wen said.

"We do not pursue a trade surplus, and I hope the United States will lift its policy of restricting high-tech products exports to China and increase their proportion in the US exports to China," he said.

"Meanwhile, our two countries should strengthen mutual investment and cooperation in such fields as energy, environmental protection and high technology for more balanced bilateral trade," the premier added.

Obama said US-China cooperation is crucial in addressing global challenges such as economic recovery, climate change and regional peace. He hoped the two countries would abandon distrust and misunderstanding and strengthen exchange and cooperation.

The US and China are important trade partners and the relationship has brought huge benefits to both countries, Obama said, adding that protectionism will not benefit either side.

The US has noted China's concern over export controls and is willing to increase the flow of high-tech goods to the country, Obama added.

Wen and Obama also exchanged views on global climate change, the Korean Peninsula nuclear standoff, the Middle East and world trade talks.

Obama arrived in Shanghai on Sunday night to kick off his first visit to China. He went to Beijing on Monday night and held talks with President Hu Jintao.

Obama left China for South Korea yesterday afternoon.


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