Chinese Premier Wen Jiabo holds a bilateral meeting with US President Barack Obama yesterday on the sidelines of the UN General Assembly in New York. Wen said the China-US relationship has a major impact on the world. Obama said the US and China have more work to do on achieving the balanced growth both desire. He made no reference to currency issues in remarks.

US President Barack Obama said yesterday that US-China cooperation has helped ease global financialturmoil as both he and Chinese Premier Wen Jiabao steered clear of a spat over China's currencypolicy.

Obama, standing by Wen on the sidelines of the United Nations General Assembly meeting in New York City, said that cooperation between the US and China "has been absolutelycritical" to easing the financialcrisis. He praised Chinese leaders for working with the US on economic, nuclear nonproliferation and Asian security issues.

But, Obama said, "obviously, we continue to have more work to do on the economic front."

"It is going to be very important for us to have frank discussions and continue to do more work cooperatively in order to achieve the kind of balance of sustained economic growth that is so important," he said.

Despite intertwined economies and a growing dependence on each other in global diplomatic, environmental and security matters, Washington and Beijing have deep differences, especially on economic and trade policies. Trade friction has become even more pronounced ahead of US congressional elections in November and at a time of high American unemployment.

In their public comments, Obama and Wen focused on the positive.

"Our common interests far outweigh our differences," Wen said.

Obama said US-China cooperation is "a criticalingredient in a whole range of security issues around the world."

He said the countries should work cooperatively toward balanced economic growth amid rising tensions over currency and trade.

Their talks came as US lawmakers appeared to move closer than ever to acting on long-standing threats to penalize China for keeping its currency "artificially low."

Wen told Obama he believed all differences between the US and China can be resolved through conversation and dialogue and that he has a constructive attitude.

Wen said the China-US relationship has advanced beyond the bilateral scope and has a major impact on the world.

He said the two countries can deepen their cooperation on significantinternational affairs and major regional issues as well as on efforts to handle global financial woes and climate change.

Wen staged a preemptive defense of China's policies on Wednesday, flatly rejecting any link between the level of the Chinese yuan and a US trade deficit with China that annually exceeds US$200 billion.

"The main reason for the US trade deficit with China is not the yuan exchange rate, but the structure of trade and investment between the two countries," he said in a speech to US executives and China experts in New York.

Obama said on Monday that China had not done enough to raise the value of the yuan, keeping up Washington's tough rhetoric on Chinese policy six weeks before congressional elections that will focus on the US economy and jobs.

Pushing back against the US pressure, Wen said on Wednesday that China, too, had big job considerations and the 20 percent appreciation of the yuan demanded by US lawmakers would cause many bankruptcies in the Chinese export sector, where firms operate on thin margins.

"The conditions for a major appreciation of the renminbi do not exist," Wen said, adding the appreciation of China's currency demanded by US lawmakers would not bring jobs back to the US because American firms no longer make most of labor-intensive products China exports.

Wen also said China wanted a "strong and stable US, just as the US needs a strong, stable China."

• premier [´premiə] n.总理 a.首要的 (初中英语单词)
• yesterday [´jestədi] n.&ad.昨天；前不久 (初中英语单词)
• assembly [ə´sembli] n.集会；装配；与会者 (初中英语单词)
• reference [´refərəns] n.参考；参照；出处 (初中英语单词)
• cooperation [kəu,ɔpə´reiʃən] n.合作；协作 (初中英语单词)
• financial [fi´nænʃəl] a.金融的，财政的 (初中英语单词)
• standing [´stændiŋ] n.持续 a.直立的 (初中英语单词)
• absolutely [´æbsəlu:tli] ad.绝对地；确实 (初中英语单词)
• working [´wə:kiŋ] a.工人的；劳动的 (初中英语单词)
• security [si´kjuəriti] n.安全；证券；抵押品 (初中英语单词)
• achieve [ə´tʃi:v] vt.完成；达到；获得 (初中英语单词)
• despite [di´spait] prep.尽管 (初中英语单词)
• acting [´æktiŋ] a.代理的 n.演戏 (初中英语单词)
• advanced [əd´vɑ:nst] a.先进的；高级的 (初中英语单词)
• international [,intə´næʃənəl] a.国际的，世界的 (初中英语单词)
• climate [´klaimit] n.气候；特殊气候地带 (初中英语单词)
• wednesday [´wenzdi] n.星期三 (初中英语单词)
• structure [´strʌktʃə] n.结构，构造；组织 (初中英语单词)
• investment [in´vestmənt] n.投资；(时间等)投入 (初中英语单词)
• economy [i´kɔnəmi] n.经济；机制；组织 (初中英语单词)
• pressure [´preʃə] n.压榨 vt.对...施压力 (初中英语单词)
• export [ik´spɔ:t] vt.&n.输出，出口 (初中英语单词)
• operate [´ɔpəreit] v.(使)运转；操作；经营 (初中英语单词)
• stable [´steibəl] n.马棚 a.稳固的 (初中英语单词)
• relationship [ri´leiʃənʃip] n.关系；联系；亲属关系 (高中英语单词)
• currency [´kʌrənsi] n.通货；通用；货币 (高中英语单词)
• crisis [´kraisis] n.转折点；危机 (高中英语单词)
• pronounced [prə´naunst] a.发出音的；显著的 (高中英语单词)
• unemployment [,ʌnim´plɔimənt] n.失业；失业人数 (高中英语单词)
• positive [´pɔzətiv] a.确定的 (高中英语单词)
• critical [´kritikəl] a.批评的；关键性的 (高中英语单词)
• ingredient [in´gri:diənt] n.(混合物的)成分 (高中英语单词)
• deepen [´di:pən] v.加深；加浓 (高中英语单词)
• significant [sig´nifikənt] a.重要的；意义重大的 (高中英语单词)
• annually [´ænjuəli] ad.每年；按年计算 (高中英语单词)
• billion [´biljən] num.万亿 (高中英语单词)
• appreciation [ə,pri:ʃi´eiʃən] n.评价；感激 (高中英语单词)
• policy [´pɔlisi] n.政策；权谋；保险单 (英语四级单词)
• diplomatic [,diplə´mætik] a.外交的 (英语四级单词)
• friction [´frikʃən] n.摩擦(力)；冲突 (英语四级单词)
• congressional [kɔŋ´greʃənl] a.会议的；国(议)会的 (英语四级单词)
• resolved [ri´zɔlvd] a.决心的；坚定的 (英语四级单词)
• constructive [kən´strʌktiv] a.建设性的；推断的 (英语四级单词)
• impact [´impækt] n.影响，作用；冲击 (英语六级单词)
• turmoil [´tə:mɔil] n.骚动；混乱 (英语六级单词)
• dependence [di´pendəns] n.信赖，依赖 (英语六级单词)
• flatly [´flætli] ad.平淡地；断然地 (英语六级单词)
• deficit [´defisit] n.缺乏，赤字，亏空 (英语六级单词)
• rhetoric [´retərik] n.修辞学(书)；辩术 (英语六级单词)