China, U.S. agree to tackle global imbalances
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China and the United States agreed broad steps on Friday to tackle global economic imbalances as two days of talks to ease trade and currency strains ended with good intentions but modest substance.
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Beijing, Oct. 25 (PTI): China and the US today agreed to work jointly to re-energise the six-party talks mechanism aimed at dismantling North Korea&#39;s nuclear programmes while Washington urged Beijing to resume
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Group of Seven finance ministers and central bankers will be joined by representatives from China for the first time at the October 1 meeting of the G7 in Washington, a US official said.
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U.S. Treasury Secretary Henry Paulson   said on Saturday that China and key industrial countries share   responsibility for correcting global imbalances and warned   about risks that the global banking system could be used to   finance terror.
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Chinese President Hu Jintao and trade leaders agreed to an array of business deals with Cuba Tuesday as the two communist nations worked to strengthen their economic ties.
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The United States and China yesterday announced a broad aviation agreement that will more than double the number of daily passenger flights between the two countries by 2012.
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The world's leading economies pledged on Saturday to work together to secure stability in volatile markets but brushed off the idea of a single uniform remedy for the Group of Seven industrialized nations.
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The US administration, facing huge and politically sensitive trade deficits, secured China&#39;s pledge Friday to work harder to move its currency toward a flexible exchange rate, which would make US goods more competitive abroad.
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China has agreed to place duties on certain textiles to placate fears that it will flood the world with low-cost products when textile quotas officially fall in three weeks, in response to pressure from the US and Europe.
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The United States and China criticise each other at the start of a two-day economic summit in Beijing.
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China promised on Monday to respond positively to the United States in high-level economic talks this week but drew a line in the sand by telling Washington that its exchange rate is a matter of national sovereignty.
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China pledged to move toward a flexible exchange rate, the US Treasury Department said, hours ahead of a key meeting of the world's top finance chiefs who are expected to press Beijing to ease its currency policies.
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Global finance chiefs sought a way  on Friday to put pressure on China to let its currency rise in  value to ease global trade imbalances and also aimed to craft a  message to soothe turbulent financial markets.
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U.S. Treasury Secretary Henry Paulson   said on Saturday that major industrial countries and key   emerging economies like China share a responsibility to bring   global economic imbalances under control.
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China's central bank on Sunday poured  cold water on the idea that the country's economy can decouple  from the United States.
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China turned the tables on the United States, urging Washington to take "necessary actions" to stop the slide of the dollar and restore equilibrium to global currency markets, a senior Chinese official said.
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India and China established a 10-point strategy to strengthen economic relations and ease mistrust.