China, US crucial to world economy

CHINA: US Treasury chief Tim Geithner began a two-day visit to Beijing Monday by calling China and the United States indispensable partners in solving the global economic crisis and other urgent world issues.

Geithner, who earlier this year described China as a currency manipulator, also used a speech at Peking University to urge his hosts to allow a more flexible exchange rate.

“China and the United States individually, and together, are so important in the global economy and financial system that what we do has a direct impact on the stability and strength of the international economic system,” he said.

“Global problems will not be solved without US-China cooperation. That goes for the entire range of issues that face our world, from economic recovery and financial repair to climate change and energy policy.”

Geithner made the remarks ahead of discussions with Vice Premier Wang Qishan later Monday and before meetings with President Hu Jintao and Prime Minister Wen Jiabao on Tuesday.While praising Beijing’s strategy to address the global financial crisis, he urged China to deepen the reform of its currency regime.

Beijing,China, AFP