Chinese Finance Minister Jin Renqing and British Chancellor of the Exchequer Gordon Brown vowed to strengthen financial and economic cooperation between the two nations during their meeting in Beijing Friday.

Both sides said they are upbeat about the global economic outlook, but warned that the world economy is still facing challenges. A statement provided by the Chinese side said they agreed in a closed-door meeting that China and Britain should cement financial ties and join hands to eliminate factors of instability that are plaguing global economic development.

The two ministers agreed that developed countries should fulfill their commitments on increasing economic aid for poor nations and reducing or eliminating their debt.

China and Britain should jointly press ahead with global poverty reduction efforts, they said, stressing that they support poverty relief in African countries.

The two ministers issued a joint policy document entitled "Responding to Global Economic Challenges".

Meeting with the press afterwards, Jin reiterated that the aim of the Chinese government policy is to keep the yuan stable at a balanced and rational level.

"We welcome the progress towards flexibility that has been made in China," Brown said, referring to the 2 percent rise in the renminbi exchange rate last July.

Source: Xinhua