China, US agree to ease disputes in economic ties

China and the US today reached consensus on easing disputes in their trade and economic ties, including on reforming the Chinese currency exchange regime, but differences remained on some issues.

"We have come to a number of consensus, although we remained different on some issues," Chinese Vice Premier Wu Yi said today.

At a joint press briefing, US Treasury Secretary Henry Paulson hailed the two-day dialogue, saying "it is important and encouraging that we have agreed on so many principles in the dialogue." "We each will take measures to address global imbalances through greater national savings in the United States and to increase consumption and exchange rate flexibility in China," Paulson told reporters at the end of the first round of China-US Strategic Economic Dialogue here.

The dialogue is the highest-level one among the existing dialogue and consultation mechanisms between them.

Chinese Premier Wen Jiabao, who met with Paulson said the dialogue will exert far-reaching influences.

Calling the dialogue "necessary and helpful," Wen noted that the Sino-US dialogue has received a lot of international attention and hoped that it would be emulated by China's other major trading partners.

"This dialogue has drawn wide attention from European countries and Japan. They would like to follow suit," Wen said. Chinese President Hu Jintao also met with Paulson, Xinhua news agency reported.

Analysts say the dialogue was an attempt by the leaders of the two major trading powers and partners to conduct their bilateral economic and business ties normally and reduce trade protectionism.

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