【TA】Clinton and Geithner call for united front with China to help world economy

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Clinton and Geithner call for united front with China to help world economY
http://www.theaustralian.news.com.au/story/0,25197,25841349-601,00.html

July 27, 2009
Article from:The Australian                                                

USSecretary of State Hillary Clinton and Treasury Secretary TimothyGeithner have called for far-reaching cooperation with China, sayingthe nations can help the world come out of economic crisis.

The leading members of President Barack Obama's cabinet made the jointcall ahead of two days of top-level dialogue with China starting latertoday on charting the course of relations.

“Simplyput, few global problems can be solved by the US or China alone. Andfew can be solved without the US and China together,” Mr Geithner andMrs Clinton wrote in the Wall Street Journal.

Thetwo argued that measures to create and save jobs by the largestdeveloped and developing economies had helped the world at largeweather its worst economic crisis since the Great Depression.

“Thesuccess of the world's major economies in blunting the force of theglobal recession and setting the stage for recovery is due insubstantial measure to the bold steps our two nations have taken,” theysaid.

“As we move toward recovery, we must take additionalsteps to lay the foundation for balanced and sustainable growth in theyears to come.”

Mrs Clinton and Mr Geithner renewed US callsfor China to open up its financial sector and to ween itself off itsdependence on exports by spurring domestic demand in the world's mostpopulous nation.

“Raising personal incomes and strengtheningthe social safety net to address the reasons why Chinese feel compelledto save so much would provide a powerful boost to Chinese domesticdemand and global growth,” they said.

They called for progresswith China on global warming. The United States and China are theworld's top carbon emitters and have been at loggerheads in thecountdown to a December meeting in Copenhagen aimed at drafting a newglobal climate treaty.

The top US diplomat and financial chiefsaid they hoped for further cooperation with China on a range of globalissues ranging from bringing stability to Afghanistan and Pakistan toassisting Africa to reining in nuclear-armed North Korea.

MrsClinton and Mr Geithner made no direct reference to China's humanrights record, a longstanding source of US concern in its largestcreditor, but said the two nations “must be frank about ourdifferences”.

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