Xi urges US to adjust economic policies

Vice-President Xi Jinping urged the United States to adjust its economic policies and structure and remove restrictions on exports to China in addressing trade imbalance between China and the US.

Addressing a reception luncheon in a principal policy speech Wednesday, Xi said China's trade surplus-to-GDP ratio dropped from over 7% to 2% in 2011, and moved within the reasonable range by international standards.

"The reform of the RMB exchange rate formation mechanism has played an important role in this process," said Xi.

"It is very important for addressing China-US trade imbalance that the US adjusts its economic policies and structure, including removing various restrictions on exports to China, in particular, easing control on civilian high-tech exports to China as soon as possible," said Xi.

"This will help balance China-US trade, stimulate economic growth and job creation in the United States and improve the balance of US international payments."

According to Xi, China has proposed to the US a framework for promoting two-way trade and investment.

"Our two sides need to continue to work together to tide over difficulties, advance our business cooperation to a higher level and broader areas, and create new highlights of mutually beneficial cooperation," said Xi.