Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Lew Urges China to Move Decisively to More Market-Based Growth

Don't Miss Out —
Follow us on:

July 10 (Bloomberg) -- U.S. Treasury Secretary Jacob J. Lew urged China to make good on pledges to open its economy to competition and adopt more flexible exchange and interest rates, as talks between the two nations started in Washington today.

“I will encourage China to follow through decisively on the important commitments it has made to transition to a more balanced and sustainable pattern of growth,” said Lew, who is co-hosting the two-day U.S.-China Strategic and Economic Dialogue with Secretary of State John Kerry. “This transition will be critical to China’s success, and it will be consequential to the world economy.”

China was scheduled to be represented by Vice Premier Wang Yang and State Councilor Yang Jiechi.

China has introduced initiatives to increase domestic consumption, make growth more energy efficient and encourage investment in poorer inland provinces after the economy more than doubled in the past five years as the wealth divide widened. It has also allowed its currency, the yuan, to appreciate in recent years as lawmakers in the U.S. complain that restraints on its rise unfairly benefit Chinese exporters.

“These reforms recognize the imperative of shifting to domestic consumption, greater private sector innovation, an economy that is more open to competition with more flexible prices -- including the exchange rate and interest rates, and a more efficient financial system,” Lew said today.

While the U.S. priority is to grow its economy and create middle-class jobs, China will need to undergo “significant and fundamental shifts in policy,” to sustain growth in the future, Lew said.

The U.S. economy is “poised for continued strong and broad-based growth,” he said. “What matters is ensuring that our economies are growing in a way that is balanced, beneficial and mutually compatible.”

To contact the reporter on this story: Meera Louis in Washington at mlouis1@bloomberg.net

To contact the editor responsible for this story: Chris Wellisz at cwellisz@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.