China said to jointly cope with the global financial crisis is the most pressing common task of both China and the United States.

"The most pressing issue we have to deal with is coping with global financial turmoil," Vice Premier Wang Qishan said here Thursday when addressing the opening ceremony of the fifth Sino-US Strategic Economic Dialogue (SED).

Wang and US Treasury Secretary Henry Paulson, as special representatives of President Hu Jintao and President George W. Bush, co-chaired this highest-level of dialogue between the two countries.

Wang said it is imperative for the two countries to work together to implement the consensus reached at the G20 summit, restore market confidence as soon as possible, restrain the crisis from spreading, and avoid a global economic recession, especially the impact for developing countries.

China, with a responsible attitude, has been actively supporting the US efforts to maintain the stability of financial markets since the crisis breaking out, Wang said.

He added China also took several measures to keep a stable and relatively fast growth of economy, such as a pro-active fiscal policy, a moderately easy monetary policy, stimulation of domestic demand and transformation of economic development ways.

"This is an important contribution to the stable development of world economy and finance," Wang said.

The vice premier called on the US side to go all-out to stabilize economy and financial market, and ensure the safety of China's assets and investment in the United States.

He also urged the two sides to strengthen cooperation in financial supervision and the reform of international financial institutions.

Initiated by the two presidents in 2006, the SED was held twice a year in China and the United States in turn. The theme of this year's dialogue is "laying the cornerstone for long-term Sino-US economic partnership".

(Xinhua News Agency December 4, 2008)