China signs Washington pact
Source: Agencies |
May 11, 2011, Wednesday
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Print Edition
Print Edition
CHINESE Vice Premier Wang Qishan and United States Treasury Secretary Timothy Geithner yesterday signed a broad pact setting out a framework for future cooperation on trade and investment.
A Treasury officials said the document covered four areas that the two countries regard as priorities for cooperation, on macroeconomic issues, financial services, trade and investment and international cooperation.
Wang and Geithner signed the document on the final day of the Strategic and Economic Dialogue talks in Washington.
The annual two-day round of talks brings together leaders on economics, foreign policy and security.
US President Barack Obama met the Chinese delegation after Monday's deliberations. He encouraged China to implement policies to support "balanced global growth as well as a more balanced bilateral economic relationship."
Geithner praised China's efforts, which include a decision last June to resume allowing the yuan to rise in value against the dollar after freezing the currency's value for two years during the height of the financial crisis.
The yuan has risen by about 5 percent against the dollar since last summer. Geithner still urged China to allow its currency to appreciate at a faster rate.
China's Commerce Minister Chen Deming, however, blamed US policies for the ballooning trade gap. He said at a news conference that China's currency appreciation was being carried out in a "very healthy manner," and the US needed to change its own policies on high-tech sales and investment as a way to spur American manufacturing.
Chen took aim at the US screening of Chinese foreign investment proposals, contending it was neither fair nor transparent. Most recently, the Committee on Foreign Investment in the US rejected a takeover by private Chinese technology giant Huawei of a small computer company, 3Leaf, on national security grounds.
"We hope the United States can treat Chinese investment, including by state-owned enterprises, in a fair manner," he said.
A Treasury officials said the document covered four areas that the two countries regard as priorities for cooperation, on macroeconomic issues, financial services, trade and investment and international cooperation.
Wang and Geithner signed the document on the final day of the Strategic and Economic Dialogue talks in Washington.
The annual two-day round of talks brings together leaders on economics, foreign policy and security.
US President Barack Obama met the Chinese delegation after Monday's deliberations. He encouraged China to implement policies to support "balanced global growth as well as a more balanced bilateral economic relationship."
Geithner praised China's efforts, which include a decision last June to resume allowing the yuan to rise in value against the dollar after freezing the currency's value for two years during the height of the financial crisis.
The yuan has risen by about 5 percent against the dollar since last summer. Geithner still urged China to allow its currency to appreciate at a faster rate.
China's Commerce Minister Chen Deming, however, blamed US policies for the ballooning trade gap. He said at a news conference that China's currency appreciation was being carried out in a "very healthy manner," and the US needed to change its own policies on high-tech sales and investment as a way to spur American manufacturing.
Chen took aim at the US screening of Chinese foreign investment proposals, contending it was neither fair nor transparent. Most recently, the Committee on Foreign Investment in the US rejected a takeover by private Chinese technology giant Huawei of a small computer company, 3Leaf, on national security grounds.
"We hope the United States can treat Chinese investment, including by state-owned enterprises, in a fair manner," he said.
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