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Geithner stresses economic importance
July 28, 2009, Tuesday
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Print Edition
Print Edition
THERE was a need to recognize that close cooperation between China and the United States was critical to the health of the global economy, United States Secretary of Treasury Timothy Geithner said in Washington yesterday.
Geithner made the remarks at the opening ceremony of the two-day China-US Strategic and Economic Dialogue.
"The Strategic and Economic Dialogue breaks new ground by bringing together our most senior officials across the full range of economic, diplomatic, and strategic responsibilities," he told more than 100 Chinese and US officials at the ceremony in Ronald Reagan Building.
"The breadth of this dialogue recognizes that many of the central issues of our time - ranging from meeting the challenge of sustaining global growth to addressing climate change - requires sustained political commitment and unprecedented cooperation."
The China-US Strategic and Economic Dialogue, established earlier this year by US President Barack Obama's government and the Chinese government, is in two sections.
The "Strategic Track" of the dialogue is co-chaired by Chinese State Councilor Dai Bingguo and US Secretary of State Hillary Clinton, while Chinese Vice Premier Wang Qishan and Geithner co-chair the "Economic Track."
Opportune time
"We meet at a moment of opportunity in reshaping the global economic architecture to address today's challenges and reflect today's realities," Geithner said.
He said his government had taken steps to repair its financial system and strengthen financial regulation, while China had clearly stated its intention to shift toward domestic demand-led growth and spur growth in household consumption.
"China's success in shifting the structure of the economy toward domestic-led growth, including a greater role for spending by China's citizens, can make a huge contribution to more rapid, balanced, and sustained global growth," he said.
Geithner said the US would work with China and other partners in emerging markets to ensure their full engagement in the design of key multilateral agreements and groupings, so as to "chart a course of more balanced and sustainable global growth into the future."
Geithner made the remarks at the opening ceremony of the two-day China-US Strategic and Economic Dialogue.
"The Strategic and Economic Dialogue breaks new ground by bringing together our most senior officials across the full range of economic, diplomatic, and strategic responsibilities," he told more than 100 Chinese and US officials at the ceremony in Ronald Reagan Building.
"The breadth of this dialogue recognizes that many of the central issues of our time - ranging from meeting the challenge of sustaining global growth to addressing climate change - requires sustained political commitment and unprecedented cooperation."
The China-US Strategic and Economic Dialogue, established earlier this year by US President Barack Obama's government and the Chinese government, is in two sections.
The "Strategic Track" of the dialogue is co-chaired by Chinese State Councilor Dai Bingguo and US Secretary of State Hillary Clinton, while Chinese Vice Premier Wang Qishan and Geithner co-chair the "Economic Track."
Opportune time
"We meet at a moment of opportunity in reshaping the global economic architecture to address today's challenges and reflect today's realities," Geithner said.
He said his government had taken steps to repair its financial system and strengthen financial regulation, while China had clearly stated its intention to shift toward domestic demand-led growth and spur growth in household consumption.
"China's success in shifting the structure of the economy toward domestic-led growth, including a greater role for spending by China's citizens, can make a huge contribution to more rapid, balanced, and sustained global growth," he said.
Geithner said the US would work with China and other partners in emerging markets to ensure their full engagement in the design of key multilateral agreements and groupings, so as to "chart a course of more balanced and sustainable global growth into the future."
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