United States Treasury Secretary said the Chinese market is crucial for economic recovery in the United States

16 September in the United States Capitol, Washington, United States Treasury Secretary Geithner to attend the Senate Banking Committee on international economic and exchange rate policy hearing. Xinhua 张军 photo

Xinhua Washington 9, 16 February (reporter Liu Lina Jiang xufeng) United States Treasury Secretary Geithner 16, said that the United States in relations with China have significant economic benefits, the China market is crucial for economic recovery in the United States.

Geithner today in Congress on China's monetary policy and economic relations in the United States to give evidence, said that China is now the fastest growing United States major overseas markets. Millions of people out of poverty in China, now accelerate middle class population growth, encourage the expansion of domestic demand, which would give the United States goods and services in greater demand.

United States statistics show that as of now, the United States to China's exports of goods and services more than 530 billion in merchandise exports to China than in 2009, an increase of 36%, compared to the financial crisis of 2008 over 16%. In contrast, the United States on the rest of the world's merchandise exports remain low over the 2008 level of 8%. "This highlights the Chinese market to us the importance of sustained recovery," Gaertner said.

Geithner also indicated that, through the expansion in China, the United States trade and investment opportunities for enterprises and workers to successfully implement the President's "national export initiative", it is more widely supported employment efforts. He emphasized that the Obama administration's China policy is to ensure that the United States in the Chinese market opportunities expand.

Turning to the RMB exchange rate, Geithner said that since June this year announced the introduction of the new round of exchange rate policy reform, the Yuan against the dollar by only 1% of the renminbi is still underestimated. Currently, the United States Department of the Treasury is preparing for the second half of the main trading partners in the exchange-rate policy report, the Obama administration will continue to pay close attention to China's exchange rate.

Affected by weak economic recovery as well as Congressional midterm elections, and other factors, the United States has recently increased pressure on the Chinese Renminbi exchange rate issues. United States House of representatives ways and means Committee 15, began a two-day hearing to discuss the RMB exchange rate, in an attempt to exert pressure on the appreciation of the Renminbi.

The Chinese Ministry of Commerce press spokesman Yao Jian 15, indicated that only exists in China on the United States, on the grounds of the trade surplus to determine the reasonable price of the RMB exchange rate, lack of Economics Foundation, is not justified. United States some political and business insight also pointed out that the RMB exchange rate should not become a victim of political struggle in the United States.