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US Treasury Secretary in China for Talks

U.S. Treasury Secretary Jacob Lew, left, shakes hands with Chinese Vice Premier Wang Yang as he arrives for a meeting at the Zhongnanhai Leadership Compound in Beijing Monday, March 30, 2015.

U.S. Treasury Secretary Jack Lew is meeting with top officials in Beijing for a visit aimed at pressing Chinese authorities to adopt a more market-determined exchange rate policy.

In a statement issued before the talks Monday with Deputy Chinese Premier Wang Yang, Lew said the United States and China "must work to achieve a mutually beneficial economic relationship," adding that it is "critical" to move to a more transparent exchange rate policy.

Lew also expressed concern about what he said were "attempts to bar technological competition."

China is drafting anti-terrorism legislation that would require foreign companies to hand over encryption keys, allow for government surveillance and store user data with China. Suppliers worry they might have to disclose secrets such as product source code or shift ownership of their intellectual property to Chinese entities.

Monday's talks come as the two sides prepare for an upcoming bilateral summit this summer in Washington.

"[We] hope to have a candid exchange of views with you on the issues of preparation for U.S.-China Strategic and Economic Dialogue and the China-U.S.. relationship," Wang said. "[We] hope we will have a fruitful trip when President Xi visits the United States in the autumn.''

Following the meeting with Wang, Lew met with Premier Li Keqiang and Finance Minister Lou Jiwei.