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China's premier prepares to go to hub of capitalism

China Premier Wen Jiabao prepared to hit Wall Street yesterday, cosying up to America Inc in a bid to highlight a desire for greater cooperation between the world's fastest growing economy and its biggest.

But Wen, in charge of China's wrenching economic reforms, will come under US pressure to pare its massive trade surplus with the United States and ease its grip on the tightly held yuan currency.

The visit takes place against a backdrop of tension over Taiwan, which Beijing fears is creeping towards independence under President Chen Shui-bian, who has said he plans to use a new referendum law at polls in March.

Arriving on Sunday, Wen went to the UN where he issued a warning that Taiwan should not use democratic procedures, like the upcoming referendum, as a cover for separatism.

Wen intends to visit the site where the World Trade Center was demolished in attacks on Sept. 11, 2001. China swiftly backed the US-led war on terror.

But his other New York events were strictly business, a reflection of concern over trade tensions with Washington which slapped sanctions on Chinese textiles and televisions in November.

State media sought to play down the trade tensions. "It is important for China-US economic relations to remain on track despite recent trade spats between the two countries," the China Daily said on Monday.

Wen was scheduled to ring the opening bell at the New York Stock Exchange.

Also see Story:China's premier doesn't represent Taiwan: Cabinet
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