Economy

China, US to be prudent in stimulus exit

By Ding Qingfen and Wang Bo (chinadaily.com.cn)
Updated: 2010-05-24 14:08

China and US have reached a consensus to exit from the economic stimulus in a prudent manner due to the uncertain European sovereign debt crisis, Zhang Xiaoqiang, vice chairman of the National Development and Reform Commission, the nation's top economic planner, said on Monday.

"The two countries agreed that the pace of retreat from stimulus should proceed in a solid and steady manner," Zhang said at a press conference for the ongoing strategic and economic dialogue between China and the United States in Beijing.

Full Coverage:  2010 Sino-US Dialogue

He said Chinese vice premier Wang Qishan had paid close attention to the uncertainty brought by the European sovereign debt crisis and called the two countries to make joint efforts to combat the negative effect that the European crisis has brought to the world economy.

Europe is currently China's largest trade partner, and its debt crisis would have great impact on the recovery of China’s external demand.

Zhang said there were four top economic priorities for the country: spurring domestic demand, stabilizing price levels, pressing ahead with the economic restructuring drive and steadily developing an open economy.