Washington and Beijing agreed to revamp their economies to restore the world

On Tuesday the United States and China expressed their shared view of how the global economy should be led out of the crisis. Most notable result of the talks was that both countries agreed they need to reconfigure their economies so that China is less reliant on exports for growth and the United States resumes saving and investment to stop the boom-and-bust cycle.

"China will rebalance toward domestic demand-led growth," U.S. Treasury Secretary Timothy Geithner said, while the United States had already learned the "importance of living within our means as a country and at a household level."

While the Washington preferred not to touch publicly on the sharpest issue of Chinese currency rates Beijing was more strict and warned against dollar weakness.

"As a major reserve currency-issuing country in the world, the United States should properly balance and properly handle the impact of the dollar supply on the domestic economy and the world economy as a whole," Vice Premier Wang Qishan said earlier on Tuesday.

Meantime, both countries think that the main focus should be on restoring economic stability. The two states agreed to reduce trade imbalances and maintain stimulus spending until economic recovery is assured.

Zhou Xiaochuan, a governor at People's Bank of China, said that China is interested in stabilization of US economy before Beijing’s termination of stimulus spending.