Obama's economic policies towards China

(chinadaily.com.cn)
Updated: 2008-11-06 17:27

Democrat Barack Obama won the US presidential election late on Tuesday night, making American history. Now, let's take a look at what his economic policy towards China may be.

Through the American Chamber of Commerce in China, Barack Obama issued his US-China policy in September this year as he ran for president. He said how the United States and China meet challenges in the coming years and the extent to which the two countries can find common ground will be important both for the two countries and for others in Asia and beyond.

Addressing some of the key issues involving the two countries, he said trade and investment undergird prosperity, and the US and China have one of the largest and most important bilateral economic relationships in the world. The two nations are the first and third largest trading nations in the world, and China has in recent years been America's fastest growing major export market.

He acknowledged that America and the world can benefit from trade with China. He expressed the hope that China's economy would continue to grow, its domestic demand would expand, and its vitality would contribute to regional and global prosperity.

He expressed the hope that China increases its domestic consumption. To achieve it, he said China may have to substantially improve its social security net and upgrade its financial sector.

On the issue of climate change, he said the vital challenge demands the two countries develop much higher levels of cooperation without delay. The two countries are currently the two largest consumers of oil and the two largest emitters of greenhouse gases.