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Foreign Ministry Spokesperson Hong Lei's Regular Press Conference on September 23, 2011

On the afternoon of September 23, 2011, Foreign Ministry Spokesperson Hong Lei held a regular press conference.

Hong Lei started the press conference with the following announcement:

In light of the consensus reached between Premier Wen Jiabao and Indian Prime Minister Singh during the former's visit to India in December, 2010, the first meeting of China-India Strategic Economic Dialogue will be held in Beijing on September 26 and co-chaired by Chairman Zhang Ping of the National Development and Reform Commission and Deputy Chairman Ahluwalia of the Indian Planning Commission.

Q: The US Senate is pushing an RMB exchange rate-related bill with the aim of facilitating the US companies' retaliatory measures against Chinese products. How does China respond?

A: China does not want to see the trade imbalance between China and the US. China does not pursue trade surplus and the Chinese Government has never used so-called currency manipulation to gain profit from international trade. Recent years have witnessed a constant decline of the ratio of China's trade surplus to its economic aggregate. The reason of US trade deficit with China does not lie in the RMB exchange rate but the structure of China-US investment and trade. The appreciation of the RMB can not address China-US trade imbalance. We hope relevant people of the US side take an objective and rational look at the issue and do not politicize the RMB exchange rate issue because of domestic economic problems in the US.

At present, the global economy is facing the formidable challenge of keeping the momentum of strong, balanced and sustained growth. China and the US are also confronted with the important task of sustaining economic growth. We should, therefore, conduct active and extensive economic cooperation and trade. We always uphold that the trade frictions between China and the US should be resolved through candid dialogue, practical coordination and other normal means.

At the same time, China will unswervingly press ahead with the reform of the RMB exchange rate regime in line with the principle of independent decision-making, gradual progress and controllability, as it serves the common interests of China and the world at large.

Q: How does China look at the first China-India Strategic Economic Dialogue? What topics will be covered during the dialogue?

A: Representatives from the diplomatic, macroeconomic control and relevant functional departments of both governments will attend the first meeting of China-India Strategic Economic Dialogue to carry out dialogue and exchanges on macroeconomic landscape, communication and coordination of macroeconomic policies, industrial policies and practical cooperation.

During Premier Wen Jiabao's visit to India last December, he reached a consensus with Indian Prime Minister Singh on the establishment of the China-India strategic economic dialogue mechanism to enhance macroeconomic policy coordination, promote exchanges and interactions, jointly tackle the problems and challenges in the economic development of bo