Opinion

Progress on Sino-US ties, but a great deal still to do

(China Daily)
Updated: 2010-06-01 10:39

Xia Yeliang, professor of economics at Peking University

The US has yet to recognize China's market economy status, and I believe that China should also look at how it can further promote its market economy.

For now, I believe Washington is still unlikely to recognize China's market economy status.

We should not apply political thinking to speculate on the US position on this matter, or request them to recognize China's MES.

What we should do now is go back to the economy itself.

The degree of marketization of China's economy is still not enough.

China should further promote its marketization, increase its openness, further conform with international political and economic practices and intensify its reform efforts.

We should also ask ourselves is whether we are a fully fledged market economy or not.

In fact, the US highly values the Chinese market, because recognition of MES would also benefit Washington.

Related readings:  Sino-US ties' strategic importance growing  US, China focus on hybrid, electric vehicles  US to recognize China's market economy status  China, US ink green energy deals

But some factors such as politics, laws and other factors, have prevented the two sides from reaching a consensus.

The high degree of monopolization in some sectors and problems in the financial system, for example, have been the obstacles to a consensus in this respect.

In fact, recognition of China's market economy status will not produce any immediate benefits for us, but the great significance lies in the direction of China's economic development.

Like the nation's more than three decades of reform and opening up, you can hardly tell what you have enjoyed specifically in a certain period of time.

But by looking back over these 30 years, you understand how important reform and opening up is for all Chinese people.