China reaffirms stance against competitive depreciation

WASHINGTON - Chinese Foreign Ministry Spokesman Lu Kang reiterated here Thursday that all countries should refrain from using competitive depreciation to stimulate exports and there is no basis for sustained devaluation of the Chinese currency.

Answering a question on whether Chinese President Xi Jinping and US President Barack Obama conferred on such economic issues as growth and exchange rates in their meeting earlier in the day, Lu said the Chinese side has offered a comprehensive summary of the talks.

China's stances on these issues are consistent, he said, adding that Beijing will continue to implement a proactive fiscal policy, steadfastly push forward supply-side structural reforms, and better tap into domestic demand, especially consumer demand, so as to keep its economy running within a reasonable range.

Xi and Obama met on Thursday afternoon on the sidelines of the fourth Nuclear Security Summit for their first rendezvous so far this year, during which they agreed to deepen cooperation and control differences so as to push for healthy and steady development of bilateral relations.