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Chinese President Xi Jinping held a telephone conversation on Monday with British Prime Minister Theresa May on bilateral ties and the situation on the Korean Peninsula.

In the phone conversation Dalvin Tomlinson Giants Jersey , Xi recalled that during the Group of 20 summit held in July in Germany's Hamburg, he and May agreed to deepen the 21st century-oriented China-Britain global comprehensive strategic partnership and continue building the "Golden Era" of bilateral relations.

This year marks the 45th anniversary of the establishment of diplomatic relations between China and Britain at the ambassadorial level. The two sides should maintain high-level exchanges, promote institutional dialogue in various fields Evan Engram Giants Jersey , preserve the robust momentum of China-Britain economic and trade and cultural exchange and cooperation, deepen the alignment of development strategies between the two countries within the framework of the Belt and Road Initiative, and strengthen coordination in preserving world peace and development Authentic Aldrick Rosas Jersey , Xi added.

A prosperous, stable and open Britain and European Union conforms to the interests of all parties, Xi told May Authentic B.J. Goodson Jersey , adding that China is willing to promote continued development of China-Britain and China-EU relations.

Proposed by Xi in 2013, the Belt and Road Initiative aims to build trade and infrastructure networks connecting Asia with Europe and Africa on and beyond the ancient Silk Road routes. It comprises the Silk Road Economic Belt and the 21st Century Maritime Silk Road.

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Meanwhile, the two leaders exchanged views on the Korean Peninsula situation.

Xi stressed that China adheres to the goal of denuclearization of the Korean Peninsula, resolutely maintains the international nuclear non-proliferation regime and firmly safeguards peace and stability in Northeast Asia.

He also said the Korean Peninsula issue should be solved through peaceful means including dialogue and consultation Authentic Orleans Darkwa Jersey , which requires joint efforts by the international community.

As permanent members of the United Nations Security Council, China and Britain have responsibility and obligation to deal with the related issues from the perspective of maintaining regional and global peace, Xi said Authentic Brandon Marshall Jersey , expressing the hope that Britain will be actively committed to working for peace and facilitating talks and will play a constructive role in easing tensions and reopening dialogue.

May said Britain is committed to preserving international and regional peace and stability, as well as peaceful solution of the Korean Peninsula nuclear issue.

Britain values China's important influence on resolving the Korean Peninsula issue, appreciates the efforts China has made and is willing to strengthen communication and coordination with China in this regard Authentic Ereck Flowers Jersey , she added.

by Matt Burgess

SYDNEY, Nov. 23 (Xinhua) -- Debate over Australia's fiscal position is gathering steam after the chief business lobby calls on Australia to maintain its coveted triple-A credit rating, despite the nation's economy needing stimulus.

Though the Business Council of Australia is all but resigned to a ratings downgrade following warnings from Deloitte earlier this week, its new president Grant King reiterated the importance of a high rating.

"The government is like the community's insurer of last resort. We expect our governments to look after our community and our citizens if there's a disaster, like cyclones in Queensland," King told Australia's national broadcaster on Wednesday.

"In order for the government to have that capacity to support the community, it has to maintain a good credit rating to be able to fund whatever those circumstances are."

Global ratings agencies have warned Australia that a halt to ballooning government spending was not enough to ensure sovereign AAA ratings were maintained, arguing that revenue raising measures are also needed to curb growing debt which was "credit negative."

The deteriorating metrics presented in Deloitte Access Economics' budget monitor report on Monday showed a downgrade is all but certain, given the boost in Australia's terms of trade from iron ore and coal prices will not offset weak wages growth.

Global ratings agency Standard & Poor's in July placed Australia's sovereign debt on a negative watch with the eye to assess the government's ability to pass revenue and expenditure measures through both houses of parliament following the July election.

The ruling government does not hold power in the Senate, making it difficult for much needed fiscal reforms to become law.

"If the government does meet its current target of a 2020-21 surplus, that would still be consistent with the rating," S&P sovereign ratings chief Craig Michaels told a superannuation conference in Canberra, according to Fairfax Media.

"But if there's more slippage beyond that, then that probably wouldn't be."

Though Australia's debt is low to its similar rated peers, the private debt is among the highest in the world. Combined private and government debt stands at approximately 250 percent of GDP, Michaels said, using data from McKinsey.

"(The government's balance sheet) is quite stron.