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EU to Work with China to Tackle Global Imbalances

An EU commissioner said Tuesday evening the European Union would like to work with China to seek a rational and cooperative solution to global imbalances.

Joaquin Almunia, EU Commissioner for economic and monetary affairs, told reporters at a press conference that global imbalances have become the biggest challenge facing EU and China.

Bilateral talks would play an important role in the process of solving the issue, said Almunia.

Almunia was in Beijing at the invitation of China's Finance Ministry for a three-day visit from Monday.

He met respectively with Finance Minister Xie Xuren, central bank governor Zhou Xiaochuan on Tuesday, and other senior officials from the National Development and Reform Commission, the State Administration of Foreign Exchange and the state forex investment company on Monday.

Almunia said he appreciated the contacts with Chinese officials, calling the talks "interesting".

He said the EU spoke highly of the proactive measures China has taken to tackle global imbalances, such as increasing consumption and reducing savings rate, hoping the measures could proceed and be further strengthened.

He suggested China to attach importance to environmental policies, construction of social security network and regional disparities.

As for the monetary policy of China, Almunia said China has taken some measures to raise the flexibility of forex management, which in fact have limited influences on other currencies, such as euro. He called for more intensified measures on the policy.

Almunia delivered a speech at the prestigious Tsinghua University on Tuesday afternoon.

(Xinhua News Agency September 19, 2007)

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