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China, US Discuss Economic Issues

The United States and China have opened annual talks on economic issues, with Washington seeking changes to China's economy and financial markets.

Treasury Secretary John Snow and Federal Reserve (central bank) chairman Alan Greenspan lead the U.S. side at the meeting outside Beijing in Xianghe.

The talks are part of an effort to close the record trade gap between the countries. China sold the United States $162 billion more goods than it bought last year and a larger gap is forecast for this year.

A U.S. treasury official said that Washington is focusing on more than currency issues in its attempts to find a solution to the trade imbalance.

U.S. businesses accuse China of manipulating its currency to give Chinese exports an unfair price advantage.