China, US Vow to Address Trade Disputes

(Video: VOA News • Story: AFP)



China and the United States on Tuesday pledged to resolve their lingering trade disputes and combat protectionism, as visiting US President Barack Obama called on Beijing to let the yuan rise.

Comments by Obama and Chinese President Hu Jintao to reporters after their summit however gave no further specifics on how the two economic giants planned to defuse mounting trade rancour marked by a series of tit-for-tat actions.

The two sides said in a joint statement that they “recognise the importance of open trade and investment to their domestic economies and to the global economy, and are committed to jointly fight protectionism”.

Hu said they would “continue to have consultations on an equal footing to properly resolve economic and trade frictions in a joint effort to uphold the sound and steady growth of their business ties and trade.” Read more here.