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China to continue RMB exchange rate reform

(Xinhua)
Updated: 2010-05-24 13:31

BEIJING - Chinese President Hu Jintao reiterated on Monday that China will continue to steadily advance the reform of the formation mechanism of the RMB exchange rate under the principle of independent decision-making, controllability and gradual progress.

Hu made the remarks at the opening ceremony of the second round of China-US Strategic and Economic Dialogue in Beijing.

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About 50 representatives from more than 40 departments of the two countries participated in the dialogue.

Hu said China will continue to pursue a win-win strategy of opening up. The country would expand market access in keeping with established international economic and trading rules, support the improvement of international trading and financial systems, and advance trade and investment liberalization and facilitation.

On China's effort to accelerate the transformation of its economic development pattern, he said, "We will make great effort to expand domestic demand and increase household consumption, vigorously promote sound and balanced growth of external trade, and reject protectionism in all manifestations."

He also reiterated China's commitment to the path of peaceful development and efforts to pursue friendly cooperation with all countries on the basis of the Five Principles of Peaceful Coexistence.