News / USA

US Debt, Europe Crisis Among Issues at China Talks

William Ide

Chinese officials say the debt crisis in Europe as well as concerns about the U.S. economy will be among a wide range of issues at high-level security and economic talks next week in Beijing.

China's assistant finance minister, Zhu Guangyao, says the situation in Europe is not only a challenge for eurozone countries, but for the entire international financial system.

Speaking at a news conference to preview the upcoming talks, Zhu says next week's U.S.-China Strategic and Economic Dialogue meetings in Beijing will be a chance for both countries to discuss ways they can work together to help stabilize the global economy.

Zhu says the upcoming discussions will take a strategic, global, and long-term approach toward major issues concerning China-U.S. economic relations.

He also says that China will look to coordinate its economic policies with the United States as a buffer against challenges to the global economic system.

Zhu says there will be discussions about China's currency policy and calls for it to appreciate the Chinese yuan, but downplayed the prominence Beijing would give to the topic during the meetings Monday and Tuesday.

Zhu says China will not push forward with reform of its currency because of external pressure.  On the contrary, he says external pressure and noise can do nothing but slow down the reform process.

Manufacturers in the United States and members of Congress blame China for the massive U.S. trade deficit and huge losses of American manufacturing jobs.  They say China unfairly manipulates the value of the yuan to give Chinese-made products a price advantage on world markets.

Beijing says the U.S. problems grow out of overspending, a lack of savings and other shortcomings.

Assistant Finance Minister Zhu Guangyao says China is also concerned about the high U.S. fiscal deficit and the gradual realization of fiscal sustainability.  He says this is an issue Chinese Vice Premier Wang Qishan and U.S. Treasury Secretary Timothy Geithner have exchanged opinions on many times.

Zhu says that during next week's meetings, China will urge the United States to reflect on what has happened in Europe and look at its own fiscal situation.

China is the largest holder of U.S. debt.  It holds nearly $900 billion and added to that pile in March, the first time in seven months.

Vice Foreign Minister Cui Tiankai says China hopes the discussions will help improve ties between the two countries.

Cui says China hopes the discussions will deepen mutual understanding and increase mutual strategic trust as well as strengthen cooperation and coordination between both countries and in the international arena.

Beginning earlier this year, U.S.-China relations were buffeted by a string of events, including concerns about Internet freedom and the censorship of Google in China, Washington's approval of an arms sale to Taiwan, and President Barack Obama's meeting with Tibet's exiled spiritual leader, the Dalai Lama.

Concerns about trade and the Chinese currency continue to test ties.

But, analysts note that relations began showing signs of warming when Chinese President Hu Jintao traveled to Washington last month to attend Mr. Obama's nuclear security summit.  They say that trend continues and note China's decision earlier this week to support United Nations sanctions against Iran after months of foot dragging.

You May Like

Could Nemtsov Threaten Putin in Death as in Life?

Dynamic and debonair opposition leader had supported liberal economic reforms, criticized Russian president's aggression in Ukraine More

Oil Smuggling Highlights Challenges in Shutting Down IS Finances

Pentagon spokesman says Islamic State 'certainly continues to get revenue from the oil industry black market' but that airstrikes have made a dent More

India Focuses on Infrastructure, Investment to Propel Economy

Government expects economy to grow at 8 to 8.5 percent in next fiscal year More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
US Supreme Court Hears Hijab Discrimination Casei
X
Katherine Gypson
February 25, 2015 11:30 PM
The U.S. Supreme Court has heard opening arguments in a workplace religious discrimination case that examines whether a clothing store can refuse to hire a young woman for wearing the headscarf she says is a symbol of her Muslim faith. Katherine Gypson reports from the Supreme Court.
Video

Video US Supreme Court Hears Hijab Discrimination Case

The U.S. Supreme Court has heard opening arguments in a workplace religious discrimination case that examines whether a clothing store can refuse to hire a young woman for wearing the headscarf she says is a symbol of her Muslim faith. Katherine Gypson reports from the Supreme Court.
Video

Video Falling Gas Prices Hurt Nascent Illinois Hydraulic Fracturing Industry

Falling oil prices are helping consumers purchase cheaper petroleum at the pump. But that’s made hydraulic fracturing or “fracking” less economically viable for the companies in the United States invested in the process. VOA’s Kane Farabaugh reports on one Midwestern town that was hoping to change its fortunes by cashing in on the next big U.S. oil boom.
Video

Video Fighting in Sudan's South Kordofan Fuels Mass Displacement

Heavy fighting in Sudan's South Kordofan state is causing hundreds of thousands to flee into uncertain conditions. Local aid organizations estimate as many as 400,000 civilians have been internally displaced since the conflict began more than three years ago, while another 250,000 have fled across the border to refugee camps in South Sudan. VOA's Adam Bailes reports.
Video

Video Lao Dam Project Runs Into Opposition

A Lao dam project on a section of the Mekong River is drawing opposition from local fishermen, international environmental groups and neighboring countries. VOA's Say Mony visited the region to investigate the concerns. Colin Lovett narrates.
Video

Video A Filmmaker Discovers Her Biracial Identity in "Little White Lie

Lacey Schwartz grew up in an upper middle-class Jewish family, in a town in upstate New York where almost everyone she knew was white. She assumed that she was, as well. Her recent documentary, Little White Lie, tells the story of how she uncovered the secret of her true racial background. VOA’s Carolyn Weaver has more on the film.
Video

Video Deep Under Antarctic Ice Sheet, Life!

With the end of summer in the Southern hemisphere, the Antarctic research season is over. Scientists from Northern Illinois University are back in their laboratory after a 3-month expedition on the Ross Ice Shelf, the world’s largest floating ice sheet. As VOA’s Rosanne Skirble reports, they hope to find clues to explain the dynamics of the rapidly melting ice and its impact on sea level rise.
Video

Video US-Cuba Normalization Talks Resume Friday

Negotiations aimed at normalizing diplomatic relations between the U.S. and Cuba resume Friday. On the table: lifting a half-century trade embargo and easing banking and travel restrictions. There's opposition in Congress, but some analysts say there may be sufficient political and economic incentives in both nations for a potential breakthrough this year. VOA's Mil Arcega reports.
Video

Video Pakistan's Deadline For SIM Registration Has Cellphone Users Scrambling

Pakistani cell phone users have until midnight Thursday to register their SIM cards, or their service will be cut off. While some privacy experts worry about government intrusion, many Pakistanis are just worried about keeping their phone lines open. VOA Deewa reporter Arshad Muhmand has more from Peshawar.
Video

Video Myanmar Warns Factory Workers to End Strikes

Outside Myanmar's main city Yangon, thousands of workers walked off their jobs earlier this month demanding a doubling of their wages, pay raises after a year and input from labor unions on industrial regulations. Since Friday, the standoff has grown more tense as police moved in to disrupt the sit-ins, resulting in clashes that injured people from both sides. VOA correspondent Steve Herman visited industrial zones which have become a focus of Myanmar's fledgling workers rights movement.
Video

Video Oscar Winners Do More Than Thank the Academy

The Academy Awards presentation is Hollywood’s night to reward the best movies from the previous year. It’s typically a lot of glitter, a lot of thank you’s, a lot of speeches. But many of this year’s speeches carried messages beyond the thank you's. VOA’s Carolyn Presutti takes a look.

All About America

Circumventing Censorship

An Internet Primer for Healthy Web Habits

As surveillance and censoring technologies advance, so, too, do new tools for your computer or mobile device that help protect your privacy and break through Internet censorship.
More