US urged to approve IMF quota reform

Chinese Premier Li Keqiang met with U.S. Treasury Secretary Jacob Lew on Monday, expressing hope that the United States can approve reform to the International Monetary Fund (IMF) that will give China more sway in the organization.

Li said when meeting Lew in the Great Hall of the People that China hopes the U.S. side will support the adoption of the RMB in the basket of special drawing rights, an exchange arrangement under the IMF.

The United States holds the largest stake in the IMF and has the sole power of veto on reform of the West-led international financial organization.

In a meeting that touched on many other aspects of global economic affairs, Li emphasized that China and the United States should jointly advance liberalization and facilitation of global trade and investment. He petitioned Lew over the United States relaxing limits on exports of high technology to China.

Li said negotiations that are about to start over establishing a list of banned practices under the two countries' bilateral investment treaty (BIT) will be their focal point on in the coming months. He said the Chinese government will further open up service and manufacturing industries by slashing the number of foreign investment limits by half.

"China will open its door even wider to the outside world," Li said.

"The China market will be even more open, transparent and predictable," he vowed.

Lew expressed expectation that the BIT negotiation will make progress. He welcomed China playing a bigger role in the development of infrastructure in Asia and said the United States is ready to cooperate with China on both bilateral and multilateral levels.

President Xi Jinping's upcoming state visit to the United States will strongly advance the development of China-U.S. relations, according to Lew.

He said the U.S. side expects Xi's visit within this year.

Li and Lew agreed that said in the next stage, the two sides should jointly stage the new round of their Strategic and Economic Dialogue (SED) and high-level consultation on people to people exchanges so as to enhance mutual trust, deepen cooperation and conduct even closer communication and coordination on major regional and international issues.

Li said a sound China-U.S. relationship conforms with the interests of both sides and is conducive to peace, stability and prosperity in the Asia-Pacific region and the world as a whole. He pointed out that as the largest developing and developed countries in the world, China and the United States are highly complementary in their economies and share broad prospect of cooperation.

Lew said China's growth, prosperity and deep involvement in the international system conforms with the interests of the United States.

Li and Lew also exchanged views on regional and international issues of common concern.