US, China ink trade deals

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YORBA LINDA, California, Sept 17 (Internet): The United States and China announced Tuesday a raft of trade agreements at the end of bilateral trade talks amid a faltering US economy buffeted by a financial crisis.
The talks coincided with plunging global financial markets as US insurance giant AIG faced collapse and after investment bank Lehman Brothers went bankrupt, forcing central banks to inject tens of billions of dollars into the stressed banking system.
US Commerce Secretary Carlos Gutierrez highlighted China's agreements to commit to a single set of standards on a range of health-care products and work more closely with the US to prevent contaminated pharmaceutical ingredients.
"That's going to save a lot of time and money" for US companies, he said at a news conference.
Gutierrez underscored the public safety benefits of the agreement on active pharmaceutical ingredients, in the wake of tainted imported Chinese drug and product recalls.
China agreed to make a "stepped-up effort" to control against contamination and "make sure these products don't get exported," he said.
Gutierrez and US Trade Representative Susan Schwab hosted Chinese Vice Premier Wang Qishan at the one-day meeting at the Richard Nixon presidential library in Yorba Linda.
The two US officials co-chaired the talks with Wang, who heads Chinese economic and trade affairs.