China is ready to cooperate with the United States and other countries at the April G20 summit in London in an effort to put the world economy back on track of recovery, Foreign Minister Yang Jiechi said in Beijing on Saturday.

Yang confirmed that President Hu Jintao and US President Barack Obama will meet for the first time since Obama took office in January on the sidelines of the April summit.

"The pressing task now is that all countries must work together to make the upcoming financial summit in London a success," Yang told a press conference on the sidelines of the Second Session of the 11th National People's Congress (NPC), China's parliament.

"In this regard we are ready to work with the United States and other countries to weather the storm and make joint efforts to overcome the difficulties brought by the financial crisis," Yang said.

"We believe the summit should play a role in boosting confidence, strengthening coordination on macroeconomic policies, stabilising financial markets, (and) undertaking necessary reforms in the global financial system and regulatory regime.

The Chinese top diplomat said Beijing is ready to work with the new Obama administration to improve bilateral ties, especially against the backdrop of worsening international financial crisis.

China and the United States share broad common interests, Yang said.

"I hope the two sides could accommodate the core interests of each other and further improve exchanges, coordination and cooperation," Yang said.

Stronger ties with Russia

On relations with another major world power Russia, Yang said China will fully carry out practical cooperation with Russia in various fields, including energy and science and technology.

The two sides' recent agreement on the construction of a crude oil pipeline project, a long-term crude oil trading deal and a financing scheme was a "mutually beneficial and win-win result", said Yang.

A journalist from China Daily raises a question to the Chinese Foreign MinisterYang Jiechi during a press conference held on the sidelines of the ongoing NPC session at the Great Hall of the People, in Beijing March 7, 2009. [Xinhua]more photos

The agreement signed in February allowed China to lend $25 billion to Russia in an exchange for a 20-year oil supply starting from 2011 with a total volume of 300 million tons.

He urged the two countries, both permanent members of the United Nations Security Council, to join hands to promote world multi-polarity and greater democracy in international order.

"We should make greater contribution to promoting world peace, stability and development," said Yang.

He praised China-Russia ties in the past 13 years since the Sino-Russian Strategic Partnership of Cooperation was established. "A lot of achievements have been made in recent years particularly."

China will further promote cooperation and exchanges with Russia this year as the two countries embrace the 60th anniversary of their establishment of diplomatic ties, said Yang.

(China Daily March 7, 2009)