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UPDATED: November 22, 2010 NO. 47 NOVEMBER 25, 2010
Strengthening Bilateral Relationships
Chinese President Hu Jintao reaches out to U.S., Russian and Japanese leaders

MEETING AMID DISPUTES: Chinese President Hu Jintao says China's determination to promote the reform of the renminbi exchange rate regime is unswerving while meeting with U.S. President Barack Obama in Seoul on November 11 (LIU JIANSHENG)

Chinese President Hu Jintao met with U.S. President Barack Obama, Russian President Dmitry Medvedev and Japanese Prime Minister Naoto Kan during recent summits in South Korea and Japan.

China and the United States

Hu discussed monetary policy in his November 11 meeting with Obama during the Group of 20 (G20) Summit in Seoul.

"While meeting with Obama, President Hu tactfully but clearly criticized the United States' pressing for the appreciation of the renminbi," said Shi Yinhong, a professor at the School of International Studies, Renmin University of China in Beijing. "The U.S. attempts would bring great harm to developing countries. U.S. policies should take into account the interests of emerging economies as well as other developing countries."

Hu said China's determination to promote the reform of the renminbi exchange rate regime was unswerving, but this could only be carried out gradually.

He also told Obama China was concerned about the U.S. Federal Reserve's decision to inject $600 billion into the U.S. economy. He said this action would devalue the dollar.

China's decision to proceed with the reform of the renminbi exchange rate regime was made against the backdrop of a severe economic and employment situation, Shi said. And it was not an easy decision for China to make.

According to Shi, with this decision, China has made a big contribution to the United States. Therefore, the United States should not put more pressure on China. China will not allow the renminbi to appreciate as fast as the United States hopes, said Shi.

Despite longstanding disputes over the renminbi exchange rate, China and the United States agreed on the need to strengthen bilateral relations.

During his meeting with Obama, Hu said advancing "positive, cooperative and comprehensive" China-U.S. relations and developing a partnership in fields where the two sides have common interests are a major task facing the two countries.

This task not only affects the two countries themselves, but also has a far-reaching influence on the future of the world, Hu said.

China hopes the United States will pursue constructive policies toward China and strive to stabilize bilateral ties. The two sides should trust each other and work together to address global challenges at a time of constant change in the international and regional situation, Hu said.

Obama agreed with President Hu's views on the development of bilateral ties, saying the United States is ready to strengthen cooperation with China.

Obama also said the United States is looking forward to further dialogue with China to boost bilateral ties.

Hu is scheduled to pay a state visit to the United States early next year. And both presidents pledged to make the visit a success at their meeting in Seoul.

China and Russia

Hu also met Russian President Medvedev on November 11. The two heads of state exchanged views on major international and regional issues of common concern that affect the development of the China-Russia relationship.

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