U.S., China Pledge to Sustain Stimulus, Rebalance World Growth

Bloomberg reports on the recently concluded high-level talks between China and the U.S.:

U.S. and Chinese economic leaders pledged to keep up stimulus efforts and to rein in trade and investment imbalances that contributed to the global crisis.

“It is vitally important for China and the United States to see through their commitments to repair the financial system and lay the foundation for recovery,” Treasury Secretary Timothy Geithner said at the end of the first talks under the Obama administration in Washington. China’s Vice Premier Wang Qishan said the two will press for an “expansion” of the recovery.

The U.S. pledged to curb the budget deficit and boost household savings, and China committed to rely less on overseas demand for its goods. There were few signs of the disputes over the yuan and market access that characterized talks in the Bush administration. Analysts expressed skepticism whether the two governments can secure “balanced” growth.

See also a Bloomberg report which includes remarks by Hillary Clinton:

Also, “U.S., China end talks with smiles but no progress on climate change” from the Los Angeles TImes.

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