U.S. calls on China, Japan and Europe to boost domestic demand

SYDNEY Thu Feb 20, 2014 8:55pm EST

U.S. Treasury Secretary Jack Lew (L) participates in a joint news conference with Australian Treasurer Joe Hockey at the G20 Finance Ministers meeting in Sydney, February 21, 2014. REUTERS/Jason Reed

U.S. Treasury Secretary Jack Lew (L) participates in a joint news conference with Australian Treasurer Joe Hockey at the G20 Finance Ministers meeting in Sydney, February 21, 2014.

Credit: Reuters/Jason Reed

SYDNEY (Reuters) - China, Japan and Europe need to concentrate on boosting domestic demand to help rebalance the world economy, the head of the U.S. Treasury said on Friday.

Treasury Secretary Jack Lew told a finance conference ahead of this weekend's G20 meeting that Japan's economic reforms, known as Abenomics after Prime Minister Shinzo Abe, had made progress, although more still needed to be done.

Asked about the risks from China's shadow banking sector, Lew said the sheer size of the Chinese economy meant Beijing had the scope to deal with any dangers.

(Reporting by Wayne Cole; Editing by Paul Tait)

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