US to reassure China, seeks assurances of its own
Monday 1st June 2009, 1:30PM BST.
US treasury secretary Timothy Geithner has called for better economic ties between the US and China during his first trip to the country.
Mr Geithner said China needed to make its currency more flexible in return for fiscal reforms by the US.
He said both countries needed to recognise a sustainable global recovery would require “changes in the composition of growth in our two economies”.
During a speech at Beijing University, Mr Geithner reassured China there was no need to worry about the $770 billion (£475 billion) currently invested in US treasuries.
“Chinese financial assets are very safe,” he told the crowd.
He added there now appeared to be signs of a slight recovery in the global economy.
“The global recession seems to be losing some force. The financial system is starting to heal,” he added.
Mr Geithner is due to meet China’s premier Wen Jiabao and president Hu Jintao on Tuesday.
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