China and the US reached agreement on the need to work toward more balanced global growth once the economic crisis has ended, US Treasury Secretary Timothy Geithner said on July 28.
China and US concluded talks aimed at narrowing differences on a wide range of economic and foreign policy issues.
The two countries signed a memorandum of understanding on climate change and clean energy cooperation and issued a joint work plan to set the agenda for coordination between the two nations over the next several years.
Chinese Vice-Premier Wang Qishan voiced support for a key US goal that China shift to more domestic-led growth rather than rely on exports that drive up the US trade deficit.
"China will focus on boosting domestic demand and in particular consumer demand," Wang said.
China had implemented measures to stimulate domestic consumption and reduce dependence on exports even before the financial crisis hit last year.
