BEIJING (MNI) - China and the US have agreed to keep in place for the time being their current economic stimulus policies to ensure a sustained world economic recovery, according to a joint communique issued on Tuesday following the meeting between U.S. President Barack Obama and Chinese President Hu Jintao.

The two sides also pledged to rebalance their economies and pursue "forward-looking" monetary polices, according to the text of the statement carried in Chinese by the official Xinhua News Agency,

But there is no mention of exchange rates in the text.

The two sides agreed to make joint efforts to push forward more sustainable and balanced global economic growth, according to the text.

"Both sides have noted each other's forceful and timely measures which have helped to curb the decline in global output and helped to stabilize financial markets. Both sides have agreed to continue with current measures to ensure a strong, healthy and sustained global recovery of the economy and financial system," it said.

China and the United States pledged to adjust their domestic demand to promote more sustainable and balanced foreign trade and economic growth.

"China will continue to implement policies to adjust its economic structure, raise household incomes, expand domestic demand to increase the contribution of consumption to GDP growth and reform its social security system," said the statement.

The United States, in return, will take measures to increase national savings as a share of GDP and promote sustainable non-inflationary growth.

"To achieve this, the United States is committed to returning the federal budget deficit to a sustainable path and pursuing measures to encourage private saving," it said.

The statement also said that both sides will pursue forward-looking monetary policies and to take "due" regard for the ramifications of these policies for the international economy.

China and the United States also reiterated that they will continue to strengthen their bilateral dialogue and cooperation on macro-economic policies and pledged to honor all commitments made at the first round of the Sino-U.S. Strategic and Economic Dialogue last July, at past Group of 20 summits, and at last week's APEC Economic Leaders' Meeting in Singapore.

beijing@marketnews.com ** Market News International Beijing Newsroom: 86-10-5864-5274 **