US supports China's market reforms, capacity cuts: US treasury secretary
[BEIJING] The United States supports China's efforts to cut excess industrial capacity and encourages its use of fiscal and lending policies to strengthen consumer demand as part of its economic transition, US Treasury Secretary Jack Lew said on Monday. "Excess capacity has a distorting and damaging effect on global markets," Mr Lew said in prepared remarks at the start of high level bilateral talks in Beijing. "Implementing policies to substantially reduce production in a range of sectors suffering from overcapacity, including steel and aluminum, is critical to the function and stability of international markets." Mr Lew said the two countries will discuss ways to promote sustainable and balanced growth and improve financial sector function and stability at the annual US-China Strategic and Economic Dialogue this week in Beijing.
Chinese President Xi Jinping said on Monday China would continue with its structural reforms and improve its openness to the outside. "We have full confidence that China can achieve its goals of economic and social development," Mr Xi said.
He also said it was important to conclude a bilateral investment treaty with the United States. "We must make our best efforts to achieve a mutually beneficial China-US investment agreement at an early date and create new bright spots in bilateral economic and trade cooperation," Mr Xi said in opening remarks.
The 8th China-US Strategic and Economic Dialogue will take place in Beijing on June 6 and 7.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Putin plans to meet Xi in China days after his new term starts
Biden vetoes bid to repeal US labour board rule on contract, franchise workers
Economic leaders of South Korea, Japan, China say FX volatility is a risk
US automakers win extension on use of Chinese graphite in EV tax credits
US service sector contracts in April; price pressures up
Thaksin’s daughter calls central bank independence an ‘obstacle’