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Li Keqiang Meets with Secretary of State John Kerry and Treasury Secretary Jacob Lew of US
2016/06/07

On the afternoon of June 7, 2016, Premier Li Keqiang met at the Great Hall of the People with Secretary of State John Kerry and Treasury Secretary Jacob Lew of the US, who were in China to attend the 8th round of China-US Strategic and Economic Dialogues and the 7th round of China-US High-Level Consultation on People-to-People Exchange.

Li Keqiang expressed that since the establishment of diplomatic relations between China and the US decades ago, bilateral relations have been moving forward in spite of twists and turns. Both sides have been constantly deepening communication, cooperation as well as convergence of interests in various fields and their common interests far outweigh their differences. Yesterday, President Xi Jinping attended the joint opening ceremony and delivered a speech. President Barack Obama also sent a written address. China is willing to, together with the US, maintain high-level exchanges, continue to well utilize the communication mechanism of bilateral dialogue as a platform, work together to enhance strategic mutual trust, expand cooperation channels, actively carry out people-to-people and cultural exchanges, and manage and control disputes in a constructive manner, so as to promote China-US relations to develop in a sustainable, healthy and stable way. It will not only better benefit the two peoples, but promote peace, stability and prosperity of the world.

Li Keqiang pointed out that China-US economic and trade relations are becoming increasingly closer. Last year, two-way trade volume and stock of bilateral investment both hit historic high, and China has for the first time become the biggest trade partner of the US. China is willing to, together with the US, deepen economic and trade cooperation, uphold a positive and practical attitude, take care of each other's interests, and maintain close consultation, so as to strive for a high-level bilateral investment agreement featuring mutual benefit and win-win results.

Li Keqiang stressed that China-US cooperation boasts large quantity and covers broad areas, and it is normal for both sides to encounter certain issues during cooperation. The key is that the two sides should focus on the big picture and mainstream, and properly handle economic and trade frictions. As a responsible major country, China is promoting reform and expanding opening-up in accordance with the direction of market economy. It is hoped that the US will honor its commitment stipulated in Section 15 of the Protocol on the Accession of China to the World Trade Organization.

Li Keqiang reiterated that Renminbi has no grounds to depreciate continuously, and China does not intend to stimulate exports via a "currency war" or "trade war." China is capable of maintaining the Renminbi exchange rate at a reasonable and balanced level.

Li Keqiang expressed that China stands ready to strengthen communication with the US on relevant cooperation of the G20, so as to promote positive results from the Hangzhou Summit which will be held within this year.

When asked about industrial overcapacity, Li Keqiang said many countries face the common problem of overcapacity, and the fundamental reason lies in the feeble world economic recovery, sluggish international trade growth and declining market demand. China stands firm to address industrial overcapacity, which is to follow the rules of the market economy, eliminate backward production capacity and reform and upgrade traditional industries with new dynamic while maintaining employment. China is ready to join efforts with all countries to realize a balanced and win-win development of relevant industries.

John Kerry and Jacob Lew expressed that this round of dialogues and consultation are full of outcomes, demonstrating that relevant mechanisms contribute to deeper US-China communication and cooperation, and proper settlement of differences. As the world's two largest economies, the US and China should strengthen dialogues and cooperation, which will exert major influence on the global economy. Applauding China's adherence to reform and opening-up and active efforts in addressing industrial overcapacity, the US is willing to actively advance negotiation on the bilateral investment agreement and conduct closer cooperation with China under the G20 framework.

Both sides also exchanged views on climate change and other topics.

Vice Premier Liu Yandong, Vice Premier Wang Yang and State Councilor Yang Jiechi attended the meeting.

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