China, U.S. agree to further cooperate to achieve balanced, sustained economic recovery

WASHINGTON, July 27 (Xinhua) -- Chinese and U.S. economic officials agreed on Monday to better cooperate to tackle the global economic crisis and achieve balanced and sustained economic recovery.

During the second session of the China-U.S. economic dialogue, representatives from both countries exchanged views on ensuring sustained and balanced growth, said Zhang Xiaoqiang, vice minister of the National Development and Reform Commission, at a press conference.

"Against the backdrop of the global financial crisis, as the largest developing country and the largest developed country in the world, China and the United States' enhanced cooperation to deal with the crisis is of great significance," Zhang said after the session.

He told reporters that the Chinese government has made timely adjustment to the macroeconomic policies, and resolutely implemented a proactive fiscal policy and a moderately easy monetary policy since the fourth quarter last year, in response to the global financial crisis.

By implementing measures such as significantly increasing fiscal spending and carrying out structural tax reduction, China has achieved for the first half of this year a 7.1-percent growth in GDP, a 15-percent growth in retail sales of consumer goods, and increased urban and rural incomes by 11.2 percent and 8.1 percent, respectively, Zhang said.

Other measures of adjusted macroeconomic policies he mentioned also included lowering the benchmark interest rates on savings and loans for financial institutions on several occasions to enhance the liquidity of the banking system, and adopting a succession of policies and measures with respect to investment, consumption, foreign trade, among others.