In two weeks' time, President Hu Jintao and President Obama will meet in London. It will be the first meeting between our heads of state since the new US administration came into office. Both sides attach great importance to this meeting and are making intensive preparations for it. I am confident that with joint efforts of the two sides, the meeting will be a great success and chart the course for the future growth of China-US relations. President Hu Jintao has invited President Obama to visit China at a mutually convenient time and we look forward to his early visit.
Through consultation, the two sides have agreed in principle to establish the "China-US Strategic and Economic Dialogues" mechanism and decided upon the relevant arrangements for the mechanism. We hope the two sides will work together and launch this mechanism at an early date so that through continued discussions on strategic, overarching and long-term issues of mutual interest, we will further enhance mutual trust and cooperation.
To advance China-US relations in the new era, we should expand mutually-beneficial cooperation and inject fresh impetus into the relations.
The priority for China and the United States at the moment is to tackle the international financial crisis through intensified cooperation and work together to maintain and promote world financial and economic stability. Let me in this connection say a few words about what China will do to counter the financial crisis this year. The Chinese Government will focus on the implementation of a four-trillion yuan investment program, including 1.18 trillion yuan that will come from the central budget. This program will kick-start growth by boosting domestic demand, reinvigorating industries, developing science and technology, and improving the social safety net. Some of these measures have already produced initial results, as evidenced by the recent signs of economic recovery. We will issue more than five trillion yuan of new loans to help enhance financial regulation and support economic growth with adequate money and credit supply. We are confident that we will maintain steady and relatively fast economic growth this year.
We have been following closely measures taken by the US Government to stabilize financial markets and stimulate economic recovery. We sincerely hope these measures will achieve the desired results and restore the US economy to growth soon. This is in the interest of the United States, China and the rest of the world.
Since the outbreak of the financial crisis, China and the United States have engaged in close and effective communication and coordination, and played an important part in the international efforts to tackle the crisis. China is ready to strengthen macroeconomic policy dialogue with the United States, work with you to oppose protectionism, and make fresh contributions to the stability of international financial markets and growth of the world economy. We also want to work with the Untied States and other countries for positive outcomes at the London G20 summit on the basis of the achievements of the Washington summit. In times of hardships, it is all the more important for China and the United States to broaden and deepen bilateral trade and economic cooperation, properly handle possible frictions and differences, and forge a stronger bond to weather the crisis.