China reiterates economic views ahead of talks with US
Source: Agencies |
May 7, 2011, Saturday
|
Print Edition
Print Edition
China staked out areas of contention with the United States yesterday ahead of strategic talks in Washington next week, including the pace of yuan reform and concerns about US debt levels, but China also stressed the two sides' co-dependency.
China agrees with the US on the direction of yuan reform, but the two countries differ on the pace of appreciation, Chinese Vice Finance Minister Zhu Guangyao said, setting the stage for a clash.
Zhu said China and the US have different views on yuan exchange rate reform, with the United States stressing appreciation of the currency.
"On this issue, I acknowledge China and the United States have different views. Therefore, we need to have discussion," he said.
Zhu reiterated China's position that its exchange rate policy is a matter of sovereignty.
Zhu said Vice Premier Wang Qishan has told US Treasury Secretary Timothy Geithner that the yuan exchange rate reform was in China's interest and that China wants deeper discussion on fiscal policies.
Zhu made clear China had concerns of its own that would likely be aired at next week's annual Strategic and Economic Dialogue with the US.
"We hope that the United States will provide a healthy legal and institutional setting for investment. In particular, we hope that the United States will not discriminate against Chinese state-owned companies." Zhu said, while providing assurances China would give foreign companies access to the country's markets.
Turning the focus toward challenges faced by the US, Zhu said China is paying attention to the US debt and fiscal deficit.
"We are paying a lot of attention to this, and Treasury Secretary Geithner has swiftly informed Vice Premier Wang Qishan about the situation," he said.
"We hope the US in its fiscal clean-up will be able to adopt effective measures based on President Obama's proposal."
He reiterated that China is not deliberately seeking a trade surplus with the US.
"China's position is clear - that we are not deliberately pursuing a large trade surplus," Zhu said. "This is a mutually beneficial, win-win economic relationship."
China agrees with the US on the direction of yuan reform, but the two countries differ on the pace of appreciation, Chinese Vice Finance Minister Zhu Guangyao said, setting the stage for a clash.
Zhu said China and the US have different views on yuan exchange rate reform, with the United States stressing appreciation of the currency.
"On this issue, I acknowledge China and the United States have different views. Therefore, we need to have discussion," he said.
Zhu reiterated China's position that its exchange rate policy is a matter of sovereignty.
Zhu said Vice Premier Wang Qishan has told US Treasury Secretary Timothy Geithner that the yuan exchange rate reform was in China's interest and that China wants deeper discussion on fiscal policies.
Zhu made clear China had concerns of its own that would likely be aired at next week's annual Strategic and Economic Dialogue with the US.
"We hope that the United States will provide a healthy legal and institutional setting for investment. In particular, we hope that the United States will not discriminate against Chinese state-owned companies." Zhu said, while providing assurances China would give foreign companies access to the country's markets.
Turning the focus toward challenges faced by the US, Zhu said China is paying attention to the US debt and fiscal deficit.
"We are paying a lot of attention to this, and Treasury Secretary Geithner has swiftly informed Vice Premier Wang Qishan about the situation," he said.
"We hope the US in its fiscal clean-up will be able to adopt effective measures based on President Obama's proposal."
He reiterated that China is not deliberately seeking a trade surplus with the US.
"China's position is clear - that we are not deliberately pursuing a large trade surplus," Zhu said. "This is a mutually beneficial, win-win economic relationship."
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