U.S. Treasury Secretary Calls for Chinese Economic Reform

U.S. Treasury Secretary Calls for Chinese Economic Reform


Finance Minister of the United States ( U.S. ) Jacob Lew on Friday , calling the government's strategy document for China's economy as " ambitious agenda " in an effort to reform the market . But he said the strategy would learn more in when he met with Chinese President Xi Jinping and other officials in Beijing .
" I look forward to the discussion of these issues , including steps rebalancing China's economy to be more determined by consumer demand , and continue to move toward exchange rate is market-determined , " said Lew , in his opening statement to the Vice Prime Minister Wang Yang .

The U.S. Treasury also said it would encourage China to " ensure the fair conditions for trade and investment , strengthening the protection and enforcement of intellectual property , including trade secrets , and that China continues to open its financial markets . "

The leaders of the Communist Party of China has issued a document outlining initial target of government policy in general at the end of four days of meetings being held this week . China's leaders wanted the market to play a more " decisive . " But some economists say the nebulous language used in the document raises questions about China's political commitment to increase the share of private and foreign investment , as well as reducing government control of industry sectors in China .

The document is a blueprint of the first policy issued by President Xi . Governments , companies and analysts around the world are studying the documents and statements issued by the leaders of China , in order to interpret the implications of the policy . A strategy report that will be released in a few days is expected to give more details , indicating whether the Chinese leadership plans to accelerate the liberalization of the market , or even delaying a restructuring plan that could open the Chinese economy .

Lew said the important market reform to sustain long-term growth in China . The statement was similar to that flung earlier this week , warned that failure to strengthen domestic consumption and opening the country's economy could cause problems for China in the future .

" Economic relations between the U.S. and China is very important , not only for the economies of both countries , but for the global economy , " he said . ( WSJ )