China, U.S. agree to contribute more to global economic recovery: official

WASHINGTON, July 27 (Xinhua) -- Both China and the United States agreed to continue their efforts to grapple with the ongoing world financial and economic crisis, and to contribute more to the global economic recovery, Zhu Guangyao, assistant Chinese finance minister, said here on Monday.

"We have agreed that green shoots have emerged in the international economy and financial markets," Zhu told reporters during the China-U.S. Strategic and Economic Dialogue, which opened in the U.S. capital on Monday morning. "(But) The economic foundation is far from being sound, and the current situation remains severe."

Therefore, both countries should not slack any of their efforts to grapple with the economic crisis, and must do more to boost the global economic recovery, he said.

He noted that the policies and measures adopted by the Chinese government to address the global financial crisis are paying off, and some positive changes have shown in the Chinese economy.

However, because the economic foundation and stability is still not solid enough, China will "unswervingly continue carrying out the proactive fiscal policy and moderately easy monetary policy to consolidate and improve the stabilizing and positive situation," said the Chinese official.

"China, which is a responsible member of the international community, has actively joined the global endeavor to fight the financial crisis," said Zhu, adding that China has strengthened macroeconomic policy coordination and communication with the United States and other countries.

"We hope that the U.S. economy will recover as soon as possible," he said. "And we would like to continue to work with the United States and other countries to make our contributions to the sustained and stable growth of the global economy."