Treasury's Lew: U.S. has deep interest in bringing China up to global standards

WASHINGTON Wed Jul 16, 2014 9:49am EDT

U.S. Treasury Secretary Jack Lew takes a question from a reporter during a cybersecurity-related tour of a Verizon network operations center at their facility in Ashburn, Virginia July 15, 2014. REUTERS/Jonathan Ernst

U.S. Treasury Secretary Jack Lew takes a question from a reporter during a cybersecurity-related tour of a Verizon network operations center at their facility in Ashburn, Virginia July 15, 2014.

Credit: Reuters/Jonathan Ernst

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WASHINGTON (Reuters) - It is crucial to the United States that China be brought up to world standards for how it regulates and manages its economy, U.S. Treasury Secretary Jack Lew said on Wednesday.

Lew said that, despite tensions between the countries, the U.S. will remain closely engaged with China to try to further economic reform in the country -- now the world's second largest economy behind the United States.

"Realistically, the global economy depends on a good U.S.-China relationship," he said, speaking at a business conference hosted by the CNBC television network.

Lew also said that in recent talks with Chinese officials he has made clear U.S. demands that China stop managing its currency, which is pegged to the value of the U.S. dollar.

"I could not be more clear with our Chinese counterparts on the need for them to step back from intervention and for them to move toward a market-determined exchange and to be much more transparent about their actions," Lew said.

(Reporting by Howard Schneider; Editing by Susan Heavey)

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Comments (5)
majkmushrm wrote:
Hahahahaha… The United States, the country that essentially brought the entire world’s economy to the very brink back in 2008, has the unmitigated gall to complain about how China manages and regulates its economy? This isn’t to say that China couldn’t improve the management of its economy but the United States, with its record of dismal management of its own economy and a serial abuser of its privileged position as the world’s reserve currency, is the last country on the planet in a legitimate position to criticize other country’s management of their economies other than maybe Zimbabwe.

Jul 16, 2014 11:48am EDT  --  Report as abuse
UauS wrote:
I just was “lucky” to buy another Chinese-made fake SD card on eBay… from the US seller by the way.

We urgently need a free trade with Europe and the rest of free world, as they need the same with US… not with communist China or autocratic Russia. Let the BRICS pals deal with each other only, we’ll see for how long they’ll survive.

Jul 16, 2014 12:11pm EDT  --  Report as abuse
nose2066 wrote:
Corporate America wants cheap Chinese labor in order to make high profits.

China is just giving America more of that cheap labor (via Chinese exports) than anybody expected.

Jul 16, 2014 12:52pm EDT  --  Report as abuse
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