China urges US to speed up market economy recognition

0 CommentsPrint E-mail Xinhua, January 14, 2011
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China on Friday called on the United States to accelerate its process of recognizing China as a market economy.

"It is a fact that China has a market economy, which cannot be denied even if it is not recognized. We expect the United States to be quicker in recognizing the fact," Chinese Vice Foreign Minister Cui Tiankai said at the Lanting Forum Friday.

Cui said the U.S. embargo on some high-tech exports to China was also outdated.

"The U.S. moves are self-contradictory as it seeks to expand exports on the one hand and imposes controls on exports to China on the other."

Cui urged the United States to lift export limits to stimulate economic recovery and expand employment, which is in the common interests of both countries.

"It is a good thing. Why not take a quicker action? We've heard the knocking at the top of the stairs for a while, and now we look forward to someone descending the stairs," Cui said.

He said China's currency exchange rate reform and stronger protection of intellectual property rights were driven by the country's development interests and requirements.

On Friday, the Chinese yuan hit a record high of 6.5896 to the U.S. dollar. The rate has risen by more than 3 percent since the People's Bank of China, the country's central bank, announced in June last year that it would further reform the yuan exchange rate mechanism to improve its flexibility.

"Those measures were not taken in response to the demands of other countries," Cui said, referring to the pressure imposed by some countries to appreciate the yuan and improve protection of intellectual property rights.

Initiated in December last year, the Lanting Forum is a monthly platform for Chinese officials, scholars and social groups to discuss international issues and China's foreign policy.

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