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WASHINGTON—China is a source of both economic opportunity and concern for
the U.S., Treasury Secretary Timothy Geithner said Wednesday, highlighting
tensions that will be the centerpiece of Chinese President Hu Jintao's visit
to Washington next week.
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geithner
Bloomberg News
Timothy Geithner, seen in a November 2010 photo, spoke ahead of Hu Jintao's
visit to the U.S.
geithner
geithner
Mr. Geithner, in a statement that could presage discussions between Mr. Hu
and President Barack Obama, said Beijing must do more to address U.S.
complaints about intellectual-property theft and the undervaluation of the
yuan if China is to be given greater access to investment and technology
opportunities in the U.S.
"We are willing to make progress on these issues, but our ability to move on
these issues will depend of course on how much progress we see from China,"
Mr. Geithner said in a speech at Johns Hopkins University.
He noted that Mr. Hu's visit to the White House comes at a time of "
important transition" for the world economy. The recent financial crisis has
left many developed economies in flux, while emerging economies like China
are at the beginning of what he described as a "long period of very rapid
economic growth."
In a major address ahead of President Hu Jintao's state visit to Washington
next week, U.S. Treasury Secretary Timothy Geithner said that China must
enact certain reforms before the two countries can increase economic
cooperation.
The U.S., Mr. Geithner said, lies somewhere in between those two paths.
While the U.S. economy should grow about twice the rate of Europe and Japan,
that growth will be about half of that experienced by major emerging
economies.
"These dynamics will fundamentally change the balance in the world economy,
forcing changes in the architecture of the trade and financial systems," Mr.
Geithner said.
U.S. officials have pushed countries like China, India and Brazil to focus
more on domestic growth, warning that a reliance on the U.S. consumer is
unsustainable. But this rebalancing effort has been met with mixed reaction
abroad, and in the case of China, a key issue is the government's practice
of managing the value of the yuan.
Mr. Geithner and other U.S. officials have stressed the need for Beijing to
allow the currency to appreciate, which China has allowed since the middle
of last year. An increase in the yuan's value makes Chinese goods more
expensive for foreign customers. Mr. Geithner said the increase to date isn'
t enough, suggesting that the current effort by Beijing to combat high
inflation in China could be aided by allowing greater appreciation.
"We believe it is in China's interest to allow the currency to appreciate
more rapidly in response to market forces," Mr. Geithner said. "And we
believe China will do so because the alternative will be too costly—for
China and for China's relations with the rest of the world."
Mr. Geithner also sought to offer a conciliatory tone ahead of next week's
meetings in Washington. Even though the two countries are direct competitors
, "our economic strengths are largely complementary," he said. He also said
policies pursued by U.S. policy makers, not Chinese officials, will have the
greatest effect on the U.S. economy.
"In any discussion of China, I think it is important for Americans to
understand the solutions to our challenges in the United States rest first
and foremost in the policies of Washington, not of Beijing," Mr. Geithner
said.
Write to Michael R. Crittenden at m****************[email protected] | V*E
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【在 u***r 的大作中提到】
: http://online.wsj.com/article/SB1000142405274870480360457607773
: WASHINGTON—China is a source of both economic opportunity and concern for
: the U.S., Treasury Secretary Timothy Geithner said Wednesday, highlighting
: tensions that will be the centerpiece of Chinese President Hu Jintao's visit
: to Washington next week.
: View Full Image
: geithner
: Bloomberg News
: Timothy Geithner, seen in a November 2010 photo, spoke ahead of Hu Jintao's
: visit to the U.S.
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