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WASHINGTON, Sept. 20 (Xinhua) -- U.S. President Barack Obama said Monday that China's rapid economic development is in the interest of U.S. economy."It's good for us that China has done well," Obama said at a town-hall-style meeting telecast live on CNBC before heading to Pennsylvania to raise money for a Democratic Senate candidate.His address is in line with U.S. Secretary of Treasury Timothy Geithner's testimony to the Congress last Thursday."We have very significant economic interests in our relationship with China," Geithner said, "a strong and growing China benefits the United States, just as a strong and growing United States is good for China."In responding to a question about China's currency issue, Obama said that China's currency is lower than the market says that it should be, but trade is in the benefit for both sides."I just want to make sure trade is good for American businesses and American workers," Obama said."We are going to continue to insist that on this issue, and on all trade issues between us and China, that it is a two-way street, " he said.Facing November elections shaped by voter anger at the sour economy, U.S. lawmakers are weighing bills that would slap sanctions on Chinese goods, amid accusations that China keeps its currency -- and thereby its exports -- artificially cheap.The Obama administration acknowledged that China's imports supported the global economy and contributed substantially to recovery around the world.With over 1.3 billion people and an economy continuing to grow at or near double-digit rates, China is the U.S.' fastest-growing major overseas market.China's record of bringing hundreds of millions out of poverty, building a rapidly growing middle class, and now its efforts to encourage growth led by domestic demand, ultimately mean more demand for American goods and services.In order to pull the economy out of recession, Obama launched National Export Initiative (NEI) in March and set the goal of doubling the U.S. export in five years and creating two million jobs in the country.The Obama administration is clear that the vast Chinese market is a crucial part to fulfill the goal."Increasing opportunities for U.S. firms and workers through expanded trade and investment with China will be an important part of the success of the President's National Export Initiative and our efforts to support job growth more broadly."According to the Treasury Department, China is a critical market for a broad range of American products, from agriculture, to manufacturing, to services.China was the largest market for U.S. soybeans last year, importing over 9 billion dollars.In the manufacturing sector, the United States has already exported nearly 3.5 billion dollars in aircraft to China this year alone, and U.S. exports of automobiles and parts to China have grown over 200 percent.The issues in China and U.S. economic relations and trade should be properly solved through consultations on an equal footing. Exerting pressure cannot solve the issue. Rather, it may lead to the contrary, China's Foreign Ministry said recently.

HANOI, Oct. 11 (Xinhua) -- U.S. Defense Secretary Robert Gates on Monday accepted an invitation to visit China early next year, a Chinese official said.Chinese Defense Minister Liang Guanglie extended the invitation during his talks here with Gates, Guan Youfei, a Chinese Defense Ministry official, told a press conference.Although very brief, the meeting showed that both sides attach great importance to developing military ties between the two countries, and was helpful to enhance mutual understanding and trust, he said.The tete-a-tete between the two defense chiefs was their first since bilateral military ties soured in January following Pentagon's decision to sell a 6.4-billion-dollar arms package to China's Taiwan province.While noting the setback, Guan said that ties between the two militaries have never ceased moving forward, and dialogues and exchanges under some established frameworks will continue.Beijing and Washington will hold their annual consultations on maritime security in Hawaii later this week, which will be followed by a new round of annual defense consultations in Washington, he added.The schedule has not been fixed for the Washington meeting, which is to be co-hosted by Deputy Chief of the General Staff of the Chinese People's Liberation Army Ma Xiaotian and U.S. Under-Secretary of Defense Michele Flournoy, Guan said.Commenting on the on-again-off-again military ties between China and the United States, Guan stressed that the main obstacle is Washington's arms sales to Taiwan.During talks with Gates, the Chinese defense minister said it is important for the two countries to respect each other's core interests and major concerns, consolidate mutual trust and decrease suspicion and misjudgment, and properly settle differences and sensitive issues in order to keep bilateral military ties in a healthy track.

KUNMING, Aug. 29 (Xinhua) -- At least 14 people were injured and more than 7,300 houses damaged in an earthquake that jolted Yunnan and Sichuan provinces in southwest China Sunday.The earthquake measuring 4.8 on the Richter scale occurred at 8:53 a.m., hitting an area bordering the two provinces.The epicenter, with a depth of about 10 kilometers, was located at 27.1 degrees north latitude and 102.9 degrees longitude, according to the earthquake network center in Sichuan.Thirteen people were injured in the latest earthquake, and 7,354 houses were destroyed in the quake, including 122 houses being toppled, plus road cave-ins in Qiaojia County of Yunnan, according to Zhou Yingbin, deputy head of the county government.Another person was slightly injured in Ningnan County of Sichuan, local officials said, who added that nobody was reported dead or missing in the quake.

NEW YORK, Sept. 21 (Xinhua) -- Chinese Foreign Minister Yang Jiechi on Tuesday expressed hope that the four BRIC countries -- China, India, Russia and Brazil -- will further strengthen coordination and cooperation.Yang made the appeal as he chaired a meeting of BRIC foreign ministers in New York.Yang told his BRIC counterparts that the four countries have constantly enhanced their cooperation in a more defined direction and within an increasingly mature mechanism, thus increasing their influences in the international arena.He hoped that the four countries will further strengthen coordination, build a solid foundation for cooperation and broaden areas of cooperation so as to uphold the common interests of developing countries.The foreign ministers held discussions over issues including cooperation among emerging market countries, the reform of the international financial architecture and global economic governance as well as international development cooperation.The meeting was held on the sidelines of the UN high-level meeting on the Millennium Development Goals (MDGs), which began Monday.On Tuesday, the Chinese foreign minister also held a bilateral meeting with his Russian counterpart, Sergei Lavrov.Yang told Lavrov that frequent contacts at high-levels between China and Russia have fully demonstrated the high standard of Sino- Russian strategic partnership of cooperation.China hopes both sides will further enhance communication and coordination so as to elevate their cooperation in all areas to a new level, Yang said.Lavrov said that Russia is willing to work with China to deepen cooperation in all areas and strengthen coordination and cooperation on major international and regional issues so as to continue to move forward bilateral relations.