Geithner: China Should Focus on Domestic Spending

Tuesday, 16 Mar 2010 01:13 PM

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

WASHINGTON -- U.S. Treasury Secretary Timothy Geithner said on Monday China can play a major role in restoring global growth by continuing to encourage more consumption at home and exporting less.

At the start of a two-day U.S.-China Strategic and Economic Dialogue, Geithner avoided any mention of sensitive currency issues and instead focused on encouraging Beijing to recognize that strapped U.S. consumers can't keep powering the global economy.

"China's success in shifting the structure of the economy toward domestic-led growth, including a greater role for spending by China's citizens, will be a huge contribution to more rapid, balanced and sustained global growth," he said.

Geithner is co-host along with Secretary of State Hillary Clinton at the mostly closed-door talks Monday and Tuesday.

The former Bush administration initiated twice-a-year talks in 2005 between financial chiefs of the two nations. But the Obama administration broadened them to include a diplomatic dimension and cut the sessions to once a year, alternating between Washington and Beijing.

In a joint op-ed article in the Washington Post newspaper on Monday, Clinton and Geithner stressed the growing significance of close relations between the two countries as China's economic and political might grows.

"Simply put, few global problems can be solved by the U.S. or China alone," they wrote. "And few can be solved without the U.S. and China together."

In that context, issues like containing North Korea's nuclear ambitions rank in importance with persuading Beijing to tune back its exports of cheap consumer goods to the United States and to buy more abroad at these talks.

"The strength of the global economy, the health of the global environment, the stability of fragile states and the solution to nonproliferation challenges turn in large measure on cooperation between the U.S. and China," Geithner and Clinton said.

In opening remarks before the meetings moved behind closed doors, Clinton said the talks were intended to put the dialogue between the two nations on a higher level, adding:

"This dialogue ... marks the beginning of an unprecedented effort to lay the foundation for a positive, cooperative and comprehensive U.S.-Chinese relationship in the 21st century."

© 2014 Moneynews. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Mali's Islamists Withdraw Cease-Fire Pledge

Friday, 04 Jan 2013 13:06 PM

Tens of thousands of Fatah supporters rallied in the Hamas stronghold of Gaza on Friday for the first time since they we . . .

Fmr. CIA Director Hayden: Iran Nuclear Crisis Gets 'Scarier'

Tuesday, 17 Jul 2012 18:11 PM

 . . .

Join Fmr. CIA Director for Special Iran Briefing, Assess the Danger

Friday, 13 Jul 2012 12:27 PM

 . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved