Money Matters - Simplified

Britain, China pledge economic support

Beijing-- China's Vice Premier Wang Qishan said a one-day joint meeting with Britain ended with a mutual pledge to promote balanced economic growth.

The meeting billed as the third China-UK Economic and Financial Dialogue, concluded with an agreement to "jointly promote strong, sustainable and balanced global growth," Xinhua reported Wednesday.

In a joint agreement both countries agreed to promote "sustainable" growth, but Britain said it was "committed to a clear, credible ambitious and growth-friendly medium-term fiscal consolidation plan."

The agreement also called for support of financial reforms and fiscal transparency.

"The U.K. is already one of the most open economies in the world to trade and inward investment and welcomes more Chinese investment, including from sovereign wealth funds," said British Chancellor of the Exchequer George Osborne.

Copyright 2010 United Press International

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