【The Australian】Optimism at US-China talks

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Optimism at US-China talks
http://www.theaustralian.news.com.au/story/0,25197,25854231-2703,00.html

Brad Norington, Washington correspondent| July 30, 2009               

Article from: The Australian                                                

THE US has wrapped up unprecedented summit talks with China on the twosuperpowers' economic and strategic relationship claiming Beijing iswilling to become "more integrated into the world economy, more open".

USTreasury Secretary Tim Geithner said last night China had laid out veryambitious reforms to shift its future growth away from exportindustries that were investment and carbon-intensive.

Mr Geithner said China was willing to instead accept its economy should rely more on services and boost domestic consumption.  

"I think that is a necessary transformation," he said.  

His words, reflecting concerns about a huge US trade imbalance withChina, came after a two-day dialogue in Washington in which both sidesclaimed to have reached a "new pattern" of co-operation after years ofstand-off.

They pledged to work jointly to build a strong and stable financialsystem and to speak more candidly about strategic security issues,chiefly the nuclear programs of North Korea and Iran.

In a memorandum of understanding on climate change that was short ondetail but upbeat in committing the US and China to high-levelco-operation, the world's biggest superpowers and carbon polluterspledged to work together towards economic growth based on clean energy.

Chinese Vice-Premier Wang Qishan, who led economic discussions forBeijing, rated the inaugural Strategic and Economic Dialogue a "fullsuccess".

Mr Wang said economic discussions focused on the internationalfinancial crisis, and both sides recognised the need to stimulategrowth remained their top priority for co-operation.

The two sides were firmly opposed to trade protectionism "in allforms" and wanted to work for early success of the World TradeOrganisation's Doha Round.

The summit was the result of US President Barack Obama and ChinesePresident Hu Jintao agreeing when they met in London in April, duringthe G20 summit, that they needed a broader dialogue on issues of globalimportance for the 21st century. A previous dialogue initiated by theBush administration was limited to the economy.

The Washington meeting has been talked up as the prelude to apossible global agreement on climate change to replace the KyotoProtocol at negotiations in Copenhagen due in December, if both sidescan agree on steps to reducing carbon emissions.

The futures of many economies, including Australia's, also rest onthe US and China overcoming disputes about their currencies, budgetspending and trade rules amid the recession.

China's State Councillor Dai Bingguo, who co-chaired talks onstrategic relations with Secretary of State Hillary Clinton, describedthe dialogue as in-depth and unprecedented in its scale.

Mr Dai said: "China is ready to work together with the US to stayfirmly committed to building ... positive, co-operative andcomprehensive relations for the 21st century, so that we can bringbenefits to our two peoples and our two countries and the whole world,and to our children, and our children's children."

Mrs Clinton suggested a breakthrough had been achieved, based on speaking very openly and finding "strategic trust".  

She said Mr Dia's news that he had a new grandson made both sidesrealise all they were doing was on behalf of their children andgrandchildren.

"I said that perhaps at the beginning of every government dialogue,we should all take out pictures of our children and our grandchildrenand put them on the tables in front of us to be reminded of what was atstake in our high-level negotiations," Mrs Clinton said.

Despite Mr Geithner indicating China's willingness to move to a moremarket-oriented financial system, differences remain over the US'sbelief that Beijing is keeping the yuan artificially low to provide ahuge trade advantage. The US also opposes trade restrictions on itsmanufacturers.

The Chinese have their own concerns about stability of the USdollar, the record US federal budget deficit and their stake in USbonds worth more than $US800 billion ($975bn).

Mr Geithner conceded it was very difficult to know what the "newequilibrium" would be for the US economy after recovery from recession,but he believed increased savings by Americans wary of spending wouldendure. The basic lesson of the recession for the US was to live withinits means.

He said China had a remarkable record of delivering on commitments to reform, and he was optimistic.  

"China will continue to move, as it has, to become more integratedinto the world economy, more open," he said. "As you saw ... today,they've laid out a very ambitious set of reforms to shift the sourcesof future growth away from the kind of heavy investment-intensive, alsocarbon-intensive, export-intensive sources of growth towards an economymore reliant on services."

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