Hu talks economic ties with Obama

PRESIDENT Hu Jintao and US President Barack Obama agreed to intensify cooperation on global financial issues on the eve of an international economic summit.

As economic leaders, China and the US will work together to address the financial crisis, Hu and Obama said yesterday after their first meeting in London ahead of the Group of 20 summit.

The White House said yesterday that Obama has accepted an invitation from Hu to visit China later this year.

"Good relations with the US is not only in the interests of the two peoples, but also beneficial to peace, stability and prosperity of the Asia-Pacific region and the world at large," Hu said during his talk with Obama.

The two countries reached consensus on the orientation of China-US relations in the new era and on the establishment of a "China-US Strategic and Economic Dialogues" mechanism, Hu noted.

"The relations between the United States and China have become extremely constructive," Obama said. "Our economic relation is very strong."

The meeting was the first between the two leaders since Obama took office in January.

The London Summit brings together leaders of the world's 20 biggest economies and representatives of international organizations and financial institutions to work cooperatively to restore stability and stimulate global economic growth.

At today's summit, the leaders will focus on such subjects as enhancing the coordination of macroeconomic policies, pushing for necessary reforms in the world financial system and stabilizing global financial market.

Chinese Vice Foreign Minister He Yafei told reporters on March 23 that Hu will deliver a speech at the summit to detail China's proposals on these subjects.

China endeavors to push for positive and pragmatic results at the upcoming London summit, He added.

In London, Obama promised world leaders he would listen, not lecture, as they seek a common fix to the financial crisis.

"We can only meet this challenge together," he said yesterday.

He prodded nations to spur growth and work together on regulatory reform, and not fall into the kind of protectionism and other mistakes that helped fuel the Great Depression.