US Backs China-Led AIIB Ahead Of Joining Deadline
BEIJING: The US today hinted at joining the China-sponsored Asian Infrastructure Investment Bank (AIIB) before the deadline tomorrow saying it is looking forward to cooperating with the new bank which most US allies have joined disregarding its objections.
US can cooperate with the bank as it welcomes and supports proposals that are helpful to infrastructure construction, US Treasury Secretary Jacob Lew said.
Lew is here for talks with Chinese officials. The cooperation can be carried out through the China-US Strategic and Economic Dialogue (SED), the World Bank and the AIIB, and any other mechanisms accepted by the two countries, Lew said in his talks with Chinese Premier Li Keqiang earlier on, Chinese Vice Minister of Finance Zhu Guangyao quoted him as saying.
Lew's "surprise" visit here ahead of the last date for joining the bank has sparked speculation that the US is negotiating with China to join the bank which it opposed earlier stating that it lacked transparency.
Chinese Premier Urges U.S. To Approve IMF Quota Reform
Chinese Premier Li Keqiang (R) meets with Treasury Secretary of the United States Jacob Lew in Beijing, capital of China, March 30, 2015. (Xinhua/Huang Jingwen)
BEIJING, March 30 (Xinhua) -- Chinese Premier Li Keqiang met with U.S. Treasury Secretary Jacob Lew on Monday, expressing hope that the United States can approve reform to the International Monetary Fund (IMF) that will give China more sway in the organization.
Li said when meeting Lew in the Great Hall of the People that China hopes the U.S. side will support the adoption of the RMB in the basket of special drawing rights, an exchange arrangement under the IMF.
The United States holds the largest stake in the IMF and has the sole power of veto on reform of the West-led international financial organization.
In a meeting that touched on many other aspects of global economic affairs, Li emphasized that China and the United States should jointly advance liberalization and facilitation of global trade and investment. He petitioned Lew over the United States relaxing limits on exports of high technology to China.
Li said negotiations that are about to start over establishing a list of banned practices under the two countries' bilateral investment treaty (BIT) will be their focal point on in the coming months. He said the Chinese government will further open up service and manufacturing industries by slashing the number of foreign investment limits by half.
"China will open its door even wider to the outside world," Li said.
"The China market will be even more open, transparent and predictable," he vowed.
Lew expressed expectation that the BIT negotiation will make progress. He welcomed China playing a bigger role in the development of infrastructure in Asia and said the United States is ready to cooperate with China on both bilateral and multilateral levels.
President Xi Jinping's upcoming state visit to the United States will strongly advance the development of China-U.S. relations, according to Lew.
He said the U.S. side expects Xi's visit within this year.
Li and Lew agreed that said in the next stage, the two sides should jointly stage the new round of their Strategic and Economic Dialogue (SED) and high-level consultation on people to people exchanges so as to enhance mutual trust, deepen cooperation and conduct even closer communication and coordination on major regional and international issues.
Li said a sound China-U.S. relationship conforms with the interests of both sides and is conducive to peace, stability and prosperity in the Asia-Pacific region and the world as a whole. He pointed out that as the largest developing and developed countries in the world, China and the United States are highly complementary in their economies and share broad prospect of cooperation.
Lew said China's growth, prosperity and deep involvement in the international system conforms with the interests of the United States.
Li and Lew also exchanged views on regional and international issues of common concern.
U.S. Looking Forward To AIIB Cooperation: Jacob Lew
BEIJING, March 30 (Xinhua) -- U.S. Treasury Secretary Jacob Lew said on Monday that the United States is looking forward to cooperating with the Asian Infrastructure Investment Bank (AIIB), as it welcomes and supports proposals that are helpful to infrastructure construction.
The cooperation can be carried out through liaison between the China-U.S. Strategic and Economic Dialog (SED), the World Bank and the AIIB, and any other mechanisms accepted by the two countries, Lew said in his talks with Chinese Premier Li Keqiang earlier on Monday, according to Chinese Vice Minister of Finance Zhu Guangyao.
Zhu told Xinhua after the hour-long talks that Lew also welcomes China playing a bigger role in international economic affairs.
He added that Lew said the United States hopes the AIIB can formulate a quality management structure and that it is ready to discuss this with China.
The meeting came ahead of the March 31 deadline for countries to apply to become founding members of the AIIB, which will aim to support infrastructure projects in Asia.
Zhu said Lew came to China to prepare for the upcoming SED in June and President Xi Jinping's state visit to the United States in September.
"The SED is also a working procedure to ensure the meeting between the two presidents is a success," he said.
"I think the meeting we have today and the meeting we have in the SED will help up move U.S.-China relations forward," Lew told Li.
Besides meeting with Li, Lew also held meeting with Chinese Vice Premier Wang Yang and heads of other government departments.
"The meeting with Premier Li was very fruitful. Both sides voiced hope for each other's economic success," Zhu said.
Facing the instability and uncertainty of world economic recovery, it is very important that China and the United States coordinate on economic policy and maintain economic growth, he noted.
Zhu said Li also asked Lew to feed back three points to the U.S. side:
-- China will steadily abide by a peaceful way of development.
-- China will endeavor to promote regional peace, stability, development and prosperity.
-- China is ready to work with United States to expand their common interests and properly handle disputes. There are broad prospects for cooperation and the relationship between the two.