China must open up to end global crisis: US commerce secretary
US Secretary of Commerce Gary Locke said China could play a pivotal role in bringing an end to the global economic crisis by further opening its domestic markets and easing currency controls.
By Agencies |
BEIJING: US Secretary of Commerce Gary Locke on Wednesday said China could play a pivotal role in bringing an end to the global economic crisis by further opening its domestic markets and easing currency controls.
China's control of its yuan currency has long been a source of friction between the two countries, with the United States arguing Beijing keeps the rate artificially low to protect its crucial export sector.
Locke's comments come as he and US Energy Secretary Steven Chu kicked off a three-day visit to China aimed at cooperation in the clean energy sector between the world's two biggest emitters of greenhouse gases.
"If China allowed for greater flexibility in its exchange rate and further opened up its domestic markets for imports and foreign direct investment, it would accelerate the world's return to growth," Locke told a business lunch.
The United States also believes the controls prevent US exporters from getting access to China's huge domestic market.
"For all our areas of agreement, the United States and China's trade relationship has to evolve. There are concerns and deep structural issues to be addressed," Locke said.
He added that one of the main issues was a bilateral trade imbalance "that simply can't be sustained."
China's control of its yuan currency has long been a source of friction between the two countries, with the United States arguing Beijing keeps the rate artificially low to protect its crucial export sector.
Locke's comments come as he and US Energy Secretary Steven Chu kicked off a three-day visit to China aimed at cooperation in the clean energy sector between the world's two biggest emitters of greenhouse gases.
"If China allowed for greater flexibility in its exchange rate and further opened up its domestic markets for imports and foreign direct investment, it would accelerate the world's return to growth," Locke told a business lunch.
The United States also believes the controls prevent US exporters from getting access to China's huge domestic market.
"For all our areas of agreement, the United States and China's trade relationship has to evolve. There are concerns and deep structural issues to be addressed," Locke said.
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He added that one of the main issues was a bilateral trade imbalance "that simply can't be sustained."
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