BEIJING, June 10 (Xinhua) -- Chinese Vice Premier Wang Qishan met with visiting chairman of the U.S. Economic Recovery Advisory Board Paul Volcker here Wednesday when they saw eye-to-eye on stepping up dialogue and cooperation.

    During the meeting, they agreed to make concerted efforts to develop the Sino-American "positive, cooperative and comprehensive relationship for the 21st century", which Chinese President Hu Jintao and his U.S. counterpart Barack Obama agreed to build during their meeting in London in April.

Chinese Vice Premier Wang Qishan (R) meets with Paul Volcker (L), chairman of the U.S. Economic Recovery Advisory Board, during their meeting in Beijing, capital of China, on June 10, 2009. (Xinhua/Huang Jingwen) Photo Gallery>>>

    They also exchanged views on the current global economic and financial situation, and both of them acknowledged that economies of the two countries are increasingly interdependent.

    Volcker, who took office in February as head of the newly formed organization, has served as Chairman of the Federal Reserve under President Jimmy Carter and Ronald Reagan's administrations.

    The veteran central banker reportedly accomplished to tame raging inflation in the 1980s by raising interest rates and restricting the money supply.

    China and the United States are recently keeping close communication on issues of common concerns.

    Speaker of the U.S. House of Representatives Nancy Pelosi visited China in late May. Following her heels, delegations of U.S. congress, Treasury Secretary Timothy Geithner and several other senior U.S. officials also paid visits to China, to seek cooperation with China in fields such as climate change and combating financial crisis.