China, US pledge to further deepen economic ties

He said China will be paying close attention to the US exit of its quantitative easing policy (QE) and the impact on the US and world economy when the QE ends in October.

US economic growth stalled in the first quarter, growing at merely a 0.1 percent annual rate. The Fed chief blamed the weakness largely on the unusually cold weather.

Zhu said China welcomes a distinct recovery of the US economy in the second quarter and hopes that the US will achieve a growth of 2.8 to 3 percent for the year, which is important not only for the US, but also for China and the world.

Bilateral trade volume reached $520 billion and mutual investment exceeded $100 billion in 2013. China also holds a substantial chunk of US sovereign debt.

Bilateral economic relations have become increasingly inseparable, which have profound influence on consumers of both countries, said the vice finance minister.

Economic relations between China and the US also impact the global economy, he said, adding that if the two economies can maintain robust growth, then global economic expansion will surely exceed the IMF's forecast of 3.6 percent this year.

On the future development of China's economy, Zhu said the country will not implement a massive economic stimulus package when facing temporary economic fluctuation, because it will have a negative impact on medium-to-long term healthy economic development.

China has decided to boost its economy through comprehensively deepening reform, he said, noting that the country has the confidence to maintain a growth rate of 7 to 8 percent in the next decade.

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