U.S. Treasury Secretary Timothy Geithner
delivers a speech at Peking University in Beijing, capital of China, June
1, 2009. (Xinhua/Gao Xueyu) Photo Gallery>>>
BEIJING, June 1 (Xinhua) -- U.S. Treasury Secretary
Timothy Geithner is making the most of his first Beijing visit to pursue a
closer economic ties with China.
Geithner spent Monday in a flurry of meetings with
China's top economic team, including Vice Premier Wang Qishan and chiefs of
finance, commerce, banking and securities.
Saying Geithner's visit covered wide-ranging issues,
Wang stressed "the foremost subject coming to my mind is the economic dialogue
of the first Strategic and Economic Dialogue."
The new dialogue mechanism came out of the first
meeting between President Hu Jintao and President Barack Obama in April in
London.
Its strategic track will be chaired by Chinese State
Councilor Dai Bingguo and U.S. Secretary of State Hillary Clinton, while its
economic track will be chaired by Wang and Geithner, as special representatives
of their respective presidents.
"Our economic dialogue should be comprehensive,
strategic and long-term, strengthen our communication and coordination on
hot-button economic issues," Wang said in a statement issued by the Chinese
Foreign Ministry.
"The major task of the dialogue is to address the
global economic slowdown," Wang said in a statement issued by the Chinese
Foreign Ministry.
"Through the dialogue, we will send a message that
China and the United States are cooperating substantively to get over the
difficult times, which will help boost the confidence, promote global financial
stability and world economic recovery," Wang said.
"We are here to begin to lay a foundation for a very
strong and positive economic relationship. We look forward to hosting you in
Washington D.C. very soon," Geithner said, referring to the first dialogue this
summer.
"The world has a huge stake in our two countries
working closely together to lay a foundation for recovery," Geithner said.
Wang and Geithner met for an hour at the Great Hall
of People after a 20-minute closed-door talk.
Meetings with Chinese officials offered a chance to
"discuss the risks and challenges on the economic front, to examine some of the
longer term challenges we both face in laying the foundation for a more balanced
and sustainable recovery, and to explore our common interest in international
financial reform," Geithner said in an economic address at Peking University,
where he studied Mandarin in the early 1980s.
In the speech entitled "The United States and China,
Cooperating for Recovery and Growth," Geithner lauded bilateral efforts to
tackle the economic downturn."
"These efforts, the combined effect of forceful
policy actions here in China, in the United States, and in other major
economies, have helped slow the pace of deterioration in growth, repair the
financial system, and improve confidence."
Geithner struck a positive note on the global
economy, citing the initial signs of improvement.
"The global recession seems to be losing force. In
the U.S., the pace of decline in economic activity has slowed. ... Households
are saving more. ... Orders for goods and services are somewhat stronger."
Geithner said the U.S. "financial system is starting
to heal," listing some signs in banks, securities markets and in credit.
As the world is addressing the immediate financial
and economic crisis, Geithner said it was important to lay the foundations for
amore balanced, sustained growth of the global economy, which requires
substantial changes to economic policy and financial regulation.
"How successful we are in Washington and Beijing will
be critically important to the economic fortunes of the rest of the world," he
said.
Stressing both countries faced similar domestic
challenges, the treasury chief listed reforms in the health care system,
education, infrastructure and energy efficiency as essential steps to boosting
the production capacity of both economies.
On international financial reform, Geithner said both
countries would have chance together to help redesign global standards for
capital requirements, stronger oversight of global markets, and better tools for
resolving future crises.
Geithner said his country is committed to the
ambitious program of the International Financial Fund and other international
financial institutions.
He also backed China's bigger role in the
international system, saying "a greater role for China is necessary for China,
for the effectiveness of international financial institutions and for the world
economy".
Geithner also called for cooperation to assure that
the global trade and investment environment remains open.
Geithner will meet with Hu Jintao and Premier Wen
Jiabao on Tuesday before flying back home.
BEIJING, May 31 (Xinhua) -- U.S. Treasury Secretary Timothy Geithner arrived in
Beijing Sunday afternoon, hoping to steer a closer relationship with China under
the new U.S. era.
This is Geithner's first visit to the country since
taking office in January, though he studied Mandarin at Beijing universities in
the 1980s. Full story
WASHINGTON,
May 26 (Xinhua) -- U.S. Secretary of Treasury Timothy Geithner vowed on Tuesday
to strengthen the relations between the U.S. with China, which he said are
critical to ending the global financial crisis.
Geithner, who will visit China on Saturday, stressed that
the Obama administration is committed to establish a positive, cooperative and
comprehensive relationship with China. Full story
