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U.S. to engage with China to expand economic benefits: Geithner

https://www.chemnet.com   Jun 11,2010 XINHUA
WASHINGTON, June 10 -- U.S. Treasury Secretary Timothy Geithner said Thursday the U.S. would continue to engage forcefully with China to expand the economic benefits of the relationship for American workers and companies.

"China is fast on its way to becoming the world's second largest economy and could potentially become the largest foreign market for U.S. exports of goods and services," Geithner told a congressional hearing on the U.S.-China economic relationship.

"Our policy is to expand the opportunities provided to Americans from a growing China," he said.

According to Geithner, the economic strengths of America and China are complementary.

In the first quarter of 2010, U.S. goods exports to China rose almost 50 percent compared to the same period the previous year, while its exports to the rest of the world increased by less than 20 percent.

"During this period, we have seen double digit growth in a variety of export sectors, ranging from high-end manufactured goods and chemical products to agricultural goods like soybeans," Geithner said.

He said the United States and the American people "have benefited, and must continue to benefit, from strengthening our economic relationship" with China.

The treasury secretary called for more U.S.-China economic cooperation during the second round of China-U.S. Strategic and Economic Dialogue (S&ED) held in Beijing in May.

"The relationship between our two countries is strong and beneficial for both sides," said Geithner during last month's event. He also hailed China's commitment to abiding by the principles of non-discrimination, market competition, open trade, intellectual property protection and leaving the terms of technology transfer and production processes to be worked out between enterprises.

Both the U.S. and China could also find a wide range of common interests in building a stronger and more resilient world economy for more balanced growth, a more stable financial system less prone to crisis as well as a more open global trading system with fair balance of benefits and responsibilities, Geithner said in Beijing.


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