China-US summit kicks off in Beijing

Source: PressTV
http://www.presstv.ir/detail.aspx?id=127543§ionid=351020404


The US and China have launched their annual high-level strategic talks, seeking to put an end to months of disagreement over economic and regional issues.

Some 200 US officials led by Secretary of State Hillary Clinton and Treasury Secretary Timothy Geithner arrived in Beijing on Monday for the two-day Strategic and Economic Dialogue.

The Sino-US summit is expected to iron out a number of economic and political disputes.

Speaking at the event, Chinese President Hu Jintao struck a conciliatory note by pledging to continue efforts to reform the country's currency, the yuan.

However, he gave no timetable and made no specific commitments.

"China will continue to steadily advance reform of the yuan exchange rate formation mechanism following the principles of being independent, controllable and gradual," President Hu said.

The currency issue has become a key sticking point in relations between the US and China, with Washington accusing Beijing of keeping the yuan artificially low to boost its exports.

As an alternative, the US has proposed that China opens up to foreign businesses and allows its currency to trade more freely on foreign exchange markets.

Although the economy is expected to dominate the summit, US sees the talks as yet another opportunity to win China's support for a fourth round of UN sanctions against Iran.

China has expressed serious reservations about imposing new sanctions on Iran, insisting on diplomatic measures for resolving the issue.

Furthermore, China has welcomed a recently-issued declaration by Iran on a potential nuclear fuel swap in Turkey, saying it is a positive step toward the resolution of the Iranian nuclear issue.

Clinton's visit to China is also believed to be aimed at pressing Beijing to back punitive measures against North Korea for the alleged sinking of a South Korean warship.

The North has categorically rejected the accusation, warning that any retaliatory measures will lead to an all-out war.