US tells China to look to its own consumers
BBC News
9 May 2011
US Treasury Secretary Tim Geithner called for a “more open market based economy” in China
US Treasury Secretary Tim Geithner has called on China to rely more on its own spending and less on exports.
“The challenge is to lay the foundation for a new growth model, driven more by domestic demand,” he advised his Chinese counterparts.
His comments came at the start of a two-day bilateral summit on security and the economy in Washington.
US officials and many economists say Beijing depends unfairly on a cheap currency to boost exports and growth.
However, Chinese commerce minister, Chen Deming, responded by telling reporters that “the West’s fears and worries about China’s [yuan] exchange rate are unfounded because over the past three years China’s trade surplus has continuously dropped”…
The article continues, with video, at BBC News.
Update: China to Confront U.S. in Economic Talks at FoxNews.com
And…
China/Arab League Build Ties: Encirclement of the West Advances from Trevor Loudon at New Zeal.
The US’s great friends China and the Arab League are getting further into bed together. Why?…
…Chinese Foreign Minister Yang Jiechi met with Arab League Secretary General Amr Moussa on Monday to discuss cooperation between China and the Arab world.
China and the Arab countries decided last year to promote the strategic relationship of cooperation, which marked a new era of bilateral ties, Yang said…
