1970-01-01 08:33:27
China will continue to improve the yuan exchange rate formation mechanism in a self-initiated, controllable and gradual way, a joint statement from the third EU-China Economic and Financial Dialogue said on Wednesday.
Wrapping up its one-day meeting with the European Union (EU), China said in the statement that in view of the current economic situation, the Chinese government will continue to implement appropriate macroeconomic policies including a prudent fiscal policy as well as a prudent and moderately tight monetary policy, deepening structural reforms and speeding up the transformation of economic growth patterns so as to maintain sustainable growth momentum.
Both EU and Chinese participants expressed positive views about the world economy.
"Notwithstanding high oil prices, global growth remains robust, aided by still benign financial market conditions and buoyant global trade growth," they said.
The two sides agreed that this benign environment provides a good opportunity for the two economies to implement structural reforms so as to lay a strong foundation for sustained growth.
But they also warned of some risks, including rising prices, global imbalances, reassessment of risk in financial markets and growing protectionism.
As the world's two major economies, China and the EU reaffirmed their commitment to an orderly adjustment of global imbalances.
China will implement policies that would lead to a sustained, rapid and more balanced growth of its economy, the Chinese delegation, led by Vice Minister of Finance Zhu Zhigang, said in the statement, adding that China will make efforts to boost domestic demand.
The EU-China Economic and Financial Dialogue was officially launched in February 2005, thus creating a new channel for the two sides to conduct cooperation in broader financial areas. It also serves as a platform to increase mutual understanding, promote cooperation and enhance the all-round strategic partnership between China and the EU.
Source: Xinhua