US Secretary of Treasury John W. Snow said in Beijing Wednesday that the United States and China share close trade relations, which is mutually beneficial and critical to the world economy.

At a news briefing held at the US Embassy in Beijing, Snow said that his visit to China is aimed at recognizing the importance of US-China trade relations and continuing its "growth and prosperity".

He noted that China has made historic strides in reforming its economy and moving to a market-based system.

The strengthening of the Chinese domestic economy will increase the disposable income of Chinese people and increase the buying of US goods, Snow said.

The Chinese authorities have persisted and continued with the reform strategy, which will clearly create a stronger domestic economy, Snow said.

"That's in China's interest and very much in the US interest as well," he said.

Snow is on a two-day working visit to China. He met Tuesday with senior Chinese economic leaders including Vice-Premier Huang Ju, central bank chief Zhou Xiaochuan and Minister of Finance Jin Renqing.
 
(Xinhua News Agency September 3, 2003)