Vice Premier: China has no intention of seeking trade surplus with US

WATCH VIDEO

Chinese Vice Premier Wu Yi (C Front) addresses the Third China-US Strategic Economic Dialogue in Beijing on Dec. 12, 2007. Wu Yi and US Treasury Secretary Henry Paulson, as special envoys of the two countries' heads of state, co-chaired the two-day meeting, opened on Wednesday. (Xinhua Photo)

Wu Yi said, "Here, I once again call on the US to relax export controls on high-tech products for civilian use to China. Our policy concerning imports from the US is very clear, and our door is wide open to American products. The key is what policies the US will pursue."

US Treasury Secretary Paulson believes that a more flexible Chinese exchange rate policy is necessary.

Henry Paulson said, "The pace of RMB appreciation remains one of the key levers to deal with China's internal and external imbalances."

He also said tensions were on high, and both countries needed to take action.

Henry Paulson said, "Neither China nor the United States can protect our way to further prosperity. We must resist attempts to reduce transparency or increase regulatory obstacles in order to protect domestic industries."

China and the US are each other's second largest trading partners. China is expected to become the third largest export market for the US in 2007.

Editor:Zhang Ning