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US to engage with China to expand ties

06-11-2010 14:00 BJT

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US Treasury Secretary Timothy Geithner says the US will continue to engage with China for the economic benefit of American workers and companies.

Timothy Geithner spoke at a congressional hearing on the China-US economic relationship. He says his country's policy is to expand opportunities for Americans on the back of China's economic growth.

Timothy Geithner, US Treasury Secretary said "China is fast on its way to becoming the world's second largest economy and could potentially become the largest foreign market for US exports of goods and services."

Geithner believes the economic strengths of the US and China are complementary. In the first quarter of 2010, US goods exports to China rose almost 50 percent compared to the previous year. Its exports during the same period to the rest of the world increased by less than 20 percent.

On the Chinese currency issue, Geithner says appreciation is in China's best interests. But he agrees that in the end, China will have the final say.

Timothy Geithner said "China has made it clear in public that they have decided to resume the reform -- that's the phrase they used, reform -- resume the reform of their exchange rate policy; meaning, they've decided to resume the process of letting the market play a greater role in determining the rate of the currency."

Geithner says the US "has benefited, and must continue to benefit, from strengthening our economic relationship" with China.

Studio discussion on Sino-US ties

Editor:Xiong Qu |Source:

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