Minister: US 'key' to global recovery

A global economic recovery rests mainly on the United States' shoulders, Finance Minister Lou Jiwei said on Wednesday.

"A global recovery requires joint efforts from many countries, but the key lies with the US," Lou told reporters on the first day of the annual China-US Strategic and Economic Dialogue in Beijing. "China is experiencing a transition from a high-growth model to a medium-high-growth model. We are now focusing more on the 'new norm' of structural reform.

"So the scenario is unlikely to recur in which China contributes to half of the world's growth in the aftermath of the 2008 financial crisis."