U.S. Tells China Subprime Woes Are No Reason to Keep Markets Closed

The New York Times gives an update on the recently concluded U.S.-China economic talks in Annapolis, Maryland:

Almost immediately, despite the bucolic setting, the talks produced a sharp disagreement over the lessons from the current global financial crisis.

In the latest sign of Chinese willingness to criticize the Bush administration, Zhou Xiaochuan, minister of the Peoples Bank of China, the country’s central bank, said pointedly that this was the first time since the semiannual talks began in 2006 that China needed to learn from American mistakes as well as its successes.

Mr. Zhou said that the Chinese had listened intently to a presentation on the American economic situation from Ben S. Bernanke, chairman of the Federal Reserve, on what was being done to overcome the recent credit turmoil.

See also “Optimism but few specifics as U.S.-China talks end” from the International Herald Tribune, and “US, China launch talks for investment treaty, ink energy deal” from AFP.