Hu hopes US steps bear results soon

China hopes the steps the US is taking to stabilize its financial market will bear results soon, President Hu Jintao told his US counterpart George W. Bush over the phone yesterday.

The Foreign Ministry said the conversation followed Bush's request a day after the Federal Reserve (Fed) agreed to change its last two major investment banks, Goldman Sachs and Morgan Stanley, to bank holding companies.

Hu told Bush: "We have noticed the US has taken some important measures to stabilize its domestic financial market, and we hope they achieve quick results and improve the economic and financial situation."