Zhou Xiaochuan, governor of the People's Bank of China, said that the Chinese and US delegates at high-level talks in Washington had discussed measures both sides had taken and would need to take to tackle the worst global economic crisis in decades.

"We will see how the United States is doing in overcoming the financial crisis," Zhou said in translated comments to reporters on the sidelines of the final session of the two-day US-China Strategic and Economic Dialogue.

"If everything goes well in the United States, if we are confident that the recovery of the United States economy is established and stable... if we see the United States starts to exit its financial, fiscal and monetary policy then China will see what it will do at the time," he said.

Asked by a reporter whether China would wait until the United States moves first, Zhou replied in English: "It's not a necessity."

"Certainly the Chinese policy is based on the Chinese economic situation," he emphasized.

But to ensure the recovery of the global economy, China and other countries, including "many emerging markets," would be advised to look to the United States for the timing and mode of their exit strategies.

"It will be easier if they see what the US is doing," the Chinese central bank chief said.

"We are looking to see the actual policy in the US."

US Treasury Secretary Timothy Geithner, who co-chaired the economic track in the dialogue with Chinese Vice Premier Wang Qishan, said that delegations would build on agreement reached Monday on the importance of laying a foundation for sustainable, more balanced and more environmentally friendly global economic growth.

"Our two nations are committed to a strong and stable international financial system that will contribute to more stable, balanced growth economic globally," Geithner said in opening remarks to the economic session.

After the session, Zhou said the two sides had discussed the measures they had taken to counter the economic and financial crisis and proposals for reforms.

Concrete agreements included a commitment to complete the International Monetary Fund's "stress test" on financial stability, a bid for improved transparency, Zhou said.

"In terms of strengthening domestic financial reform and regulation to maintain the stability of financial markets, both countries will complete the Financial System Assessment Program in a timely manner," he said.

The IMF Financial Sector Assessment Program is a "safeguards assessment" required of all countries that request a loan from the 186-nation institution.

The IMF says it also encourages members to undergo a voluntary assessment of their financial system as a way of enhancing accountability, transparency, and institutional strength of their central bank.

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