Xi, Obama hold second meeting on economic ties

SUNNYLANDS (Xinhua) - Chinese President Xi Jinping and his US counterpart Barack Obama held the second meeting here on Saturday to exchange views on economic ties.

The two leaders informed each other of their domestic economic situation and discussed how to strengthen China-US economic relations.

Xi said that China's gross domestic product (GDP) grew by 7.7 percent in the first quarter of this year, which is conducive to adjusting economic structures and improving quality and efficiency of the economic growth.

"We have full confidence in sustained and healthy long-term economic development," Xi said.

Being quite optimistic about the bright future of the Chinese economy, we recognized there are some risks and challenges, Xi said. However, the risks and challenges are generally controllable and relevant measures have been taken to prevent and address such risks and challenges.

He said that the keynote of China's macro-economic policies is to make progress while maintaining stability.

China is speeding up the transformation of its economic development mode and pushing forward industrialization, informatization, urbanization and agricultural modernization, Xi said, adding that the innovation-driven development strategy and expansion of domestic demand provide enormous scope for development.

China is in a pivotal stage to transform its economic development mode, which brings about great market potential as well as new sources for growth, Xi said.

"China is more than capable of overcoming difficulties and challenges and keeping sustained, long-term healthy development," Xi said.

Economic cooperation is a cornerstone of China-US relations, Xi said. As the two biggest economies in the world, China and the United States have forged an economic relationship featuring high complementarity and convergence of interests.

"We should enhance our awareness of opportunities, the win-win situation and innovation, deepen and expand bilateral economic cooperation and strive to explore new converging interests and growth points of cooperation," Xi said.

It is China's hope that the United States will carry out responsible macro-economic policies, be heedful of the spillover effects of the US economic and financial policies, stick to free trade, loosen restrictions on hi-tech exports to China, offer equal treatment to Chinese enterprises which invest in the United States, ensure the safety of Chinese assets in the United States, and join hands with the Chinese side to set up a new pattern for China-US economic relations, he said.

Xi suggested that the two countries increase cooperation in mutual investment, energy and infrastructure construction as well as cooperation at sub-national levels, which are of overall strategic significance to both sides.

In the past two days, Xi said, he and Obama focused on building a new type of China-US relations, conducted candid, in-depth exchanges of views on bilateral ties and major international and regional issues.

The summit meeting conveyed positive signals to the international community that China and the United States are committed to strengthening strategic communications, promoting mutual trust and facilitating the construction of a new type of China-US relations in a concerted effort to safeguard regional and world peace, stability and prosperity, Xi said.

Obama briefed Xi on the current economic situation in the United States.

He said the extensive economic ties between the United States and China are vital to stability and prosperity of both countries and exert great influence on world economy.

Washington encourages Chinese companies to invest in the United States, Obama said. And the United States is willing to take measures to loosen restrictions on hi-tech exports to China.

Obama said both Xi and himself recognized the unique opportunity to take the US-China relationship to a new level, adding he is absolutely committed to not missing this opportunity.

Before heading into the meeting, the two leaders took a walk at the picturesque Sunnylands, a 81-hectare Annenberg estate in Rancho Mirage, California.

The two presidents held their first meeting and had a working dinner Friday, exchanging views on international and regional issues of common concern.

Xi arrived in California Thursday after wrapping up a three-nation Latin American tour.