As we sit down to our work over these next two days, I will highlight two features of our economic ties: first, our deepening interdependence and; second, the rise of economic nationalism and protectionism in both our countries.
U.S. - China Economic Interdependence:
There is hardly an issue - from trade, to product safety, to climate change - where American and Chinese economic interests do not overlap. The U.S.-China relationship has become central to each nation's interest and to maintaining a stable, secure and prosperous global economic system.
As our economic ties increase, Chinese and American citizens must have confidence in the goods they buy and another example of our growing interdependence is the challenge of ensuring food and product safety. We signed Agreements this week to bolster our cooperation on this critical issue; this is another critical step in what will be an on-going effort.
The United States welcomes the rise of a stable and prosperous China. China's leaders' have voiced concerns about China's macroeconomic stability, in particular mounting inflation, growing asset bubbles and possible overheating.
A more flexible exchange rate policy is especially important to China now, given these risks. The pace of RMB appreciation remains one of the key levers to deal with China's internal and external imbalances.
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U.S. Department of Treasury
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