China, Germany Both Pressure Obama on Protectionism

China’s president urged better ties with the United States in his first phone conversation with President Barack Obama, and called for both sides to resist trade protectionism, Beijing said Saturday.

Friday’s conversation, 11 days into Obama’s presidency, followed sharp exchanges between the two sides over China’s currency policy, amid criticisms that China manipulates its yuan to boost its exports overseas.

AFP

An account of the conversation issued by the Chinese foreign ministry quoted President Hu Jintao telling Obama that China would work toward a “more constructive China-US relationship.”

Hu told Obama China welcomed US efforts to shore up the American economy, but warned against moves toward protectionism, the statement said.

“We hope to strengthen communication and coordination on macroeconomic policy and firmly resist trade protectionism,” Hu was quoted saying.

Read the rest:
http://news.yahoo.com/s/afp/20090131/w
l_asia_afp/uschinadiplomacyobamahu_200
90131055621

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Germany’s Merkel Working With China To Stop Protectionism

Reuters

 German Chancellor Angela Merkel said on Thursday her country and China would avoid protectionism and maintain last year’s trade volumes in 2009.

“Despite the economic situation we have undertaken with China to at least maintain our trade volume if not increase it,” Merkel said at a joint news conference with Chinese Premier Wen Jiabao.

Wen was in Berlin as part of a European tour to discuss cooperation in solving the international financial crisis.

China, the world’s third-largest economy, has slowed much more sharply than expected due to the financial crisis, as wilting U.S. and European demand have hurt its export sector.

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“Don’t let’s lose sight of what creates wealth. It is open markets, it is capitalism,” News Corp CE Rupert Murdoch said yesterday.

Business Day
http://www.businessday.co.za/articles/frontpage.aspx?ID=BD4A927967

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