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Obama says China's growth is "good for" U.S.

09-21-2010 08:44 BJT Special Report:2010 US Midterm Elections |

WASHINGTON, Sept. 20 (Xinhua) -- U.S. President Barack Obama said Monday that China's rapid economic development is in the interest of U.S. economy.

"It's good for us that China has done well," Obama said at a town-hall-style meeting telecast live on CNBC before heading to Pennsylvania to raise money for a Democratic Senate candidate.

His address is in line with U.S. Secretary of Treasury Timothy Geithner's testimony to the Congress last Thursday.

"We have very significant economic interests in our relationship with China," Geithner said, "a strong and growing China benefits the United States, just as a strong and growing United States is good for China."

In responding to a question about China's currency issue, Obama said that China's currency is lower than the market says that it should be, but trade is in the benefit for both sides.

"I just want to make sure trade is good for American businesses and American workers," Obama said.

"We are going to continue to insist that on this issue, and on all trade issues between us and China, that it is a two-way street, " he said.

Facing November elections shaped by voter anger at the sour economy, U.S. lawmakers are weighing bills that would slap sanctions on Chinese goods, amid accusations that China keeps its currency -- and thereby its exports -- artificially cheap.

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