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China appeals for Britain's recognition of its market economy

(Xinhua)
Updated: 2009-09-08 15:23

China on Monday urged Britain to recognize its status as a market economy amid a British trade mission's visit to Beijing.

"We expect Britain to make continuous efforts to recognize China's market economy status," Chinese Vice Premier Wang Qishan told Britain's Business Secretary Peter Mandelson, who was leading a trade delegation to Beijing.

During their talks, Wang urged Britain to oppose trade protectionism and move ahead the stalled Doha talks under the World Trade Organization (WTO).

Mandelson, who is also First Secretary of State, started his talks with Wang by bringing up "a very ambitious trade target set by our two prime ministers."

China and Britain are working towards a two-way trade volume of $60 billion by 2010, a figure vowed by Chinese Premier Wen Jiabao and British Prime Minister Gordon Brown when he visited Beijing in January 2008.

Despite the global economic downturn, China-Britain trade hit a record high of $45.6 billion in 2008.

Mandelson pinned much hope on his Beijing visit, describing his delegation as "a delegation of delivery."

On global economy, Wang said it "showed some signs of recovery, but uncertainty and instability remained."

Wang called for all countries to continuously coordinate on macro economic policies and lift the world out of recession at an early date.

Wang attributed the global economic imbalance to the uneven growth worldwide and proposed a gradual solution of seeking common prosperity and narrowing disparities.

Mandelson said his country would foster stronger ties with China on trade and investment.

"We would like to export even more of high-technology goods to China," Mandelson told Xinhua before visiting Beijing.

Related readings:  Socialist market economy helps China's economic development  US to work toward China's market economy status  China hopes EU to recognize its market economy status  China hopes Japan to recognize it as market economy

Britain is by far the largest European investor in China and transfers much of its technology to China, through wholly owned subsidiaries and joint ventures, Mandelson said.

Chinese Premier Wen Jiabao will meet Mandelson during his stay in Beijing until Thursday.

Mandelson will give a speech at a low carbon business solution event for about 250 Chinese and British companies. He will also travel to Changsha, capital of central China's Hunan province, to sign a memorandum of understanding on the Sustainable City.