China, US finalize July first round of strategic and Economic Dialogue

Chinese premier Hu Jintao met with Mr. Geithner yesterday: further strengthening dialogue and consultation Wen Jiabao: strengthening the regulation of international reserve currency Chen Xiao Feng Difan yesterday afternoon, President Hu Jintao met with U.S. Treasury Secretary Timothy Geithner in the Great Hall of the great.　　Mr. Geithner's trip was a special representative of U.S. President Barack Obama, who came to China during the First Sino-US Strategic and Economic Dialogue (s&ed). According to the Xinhua news agency, Hu Jintao said in the meeting that China is ready to work with the U.S. side to further strengthen dialogue and consultations at all levels and expand exchanges and cooperation in various fields.　　Geithner said President Obama pledged that the US side will work to develop a stronger partnership with China. Premier Wen Jiabao also met with Mr Geithner yesterday afternoon. Wen said that at present, the most important thing is for China and the United States to strengthen their cooperation in dealing with the international financial crisis, resolutely oppose trade and investment protectionism, push forward the reform of the international financial system, strengthen the regulation of the international reserve currency, and safeguard the stability and development of both China and the world economy.　　Geithner said that the United States is willing to establish a strong cooperative relationship with China on the basis of mutual respect, jointly deal with the international financial crisis, promote the resumption of world economic growth and reform the international financial system.　　Geithner left Beijing last night. In his meeting with S&ed Lanta, Hu Jintao said that the Sino-US Strategic and Economic Dialogue mechanism is an important platform for deepening understanding, mutual trust and cooperation between the two countries.　　At present, the two sides have reached a consensus on the first round of talks in the United States in late July this year. Earlier yesterday, Geithner and Secretary of State Hillary Clinton issued a joint statement announcing the first U.S.-China s&ed will be held in Washington, D.C., in the last week of July 2009.　　S&ed's predecessor was the Sino-US Strategic Economic Dialogue (SED).　　Wang Yong, associate professor of international relations at Peking University, said that the purpose of Mr Geithner's trip was to resolve the s&ed mechanism between China and the United States and discuss with China the question of how the first meeting would be better. Yu Wanri, an associate professor at the School of International Relations at Peking University, told CBN reporters yesterday that the "s&ed" of the SED was accompanied by the question of who was leading the dialogue in the United States. "In the Paulson era, SED was a tripartite relationship: U.S. and Chinese fiscal officials plus Congress; now that Mr Geithner is on the stage, the Government and Congress have strengthened, and Congress has fallen."　　He also believes that there is a "two-headed" pattern between Geithner and Hillary Clinton on this issue.　　Mr. Wang said Mr Geithner's energy would focus on economic dialogue, in the context of more "diplomatic strongmen" such as Biden and Hillary Clinton within the Obama administration. Yu Wanri also believes that the main purpose of Mr Geithner's trip was to discuss and finalize details with the Chinese side before the first s&ed. He believes that the core of the Obama administration's policy towards China is to seek U.S.-China cooperation. The current situation is that the United States wants more than China to ask for the United States, the United States want China to give support, and China wants to reallyGains. The sale of Treasury Secretary Timothy Geithner is also intended to increase the push to sell US Treasuries to China. Speaking at Peking University 1st, Geithner said the Obama administration will take the necessary action to keep the deficit at about 3% of GDP.　　In a press conference on foreign media yesterday morning, Geithner said again that there was no risk of debt monetization, Bloomberg reported. "The US hopes China will continue to buy dollar assets, particularly U.S. Treasuries, to finance its recovery and, more importantly, to stabilize international investors ' confidence in the US economy."　　"Wang Yong Analysis that the adjustment of China's foreign exchange reserves is crucial to the United States, Geithner must at this time to convince China that its assets in the United States is safe." However, some experts are sceptical of Mr Geithner's expression.　　Yu Yongding, director of the Institute of World Economics and politics at Cass, told the media yesterday that Geithner needed to tell the Chinese how the US could manage the fiscal deficit and secure China's assets in the US. Wang Yong believes that China and the United States also face the problem of economic restructuring. In his view, the past global imbalances, the United States and China played an important role.　　Out of the shadows, Americans need to produce more and consume less, and China needs to consume more and reduce external dependence. In fact, Geithner also raised the issue in his speech at Peking University.　　He suggested that the Chinese government increase spending on education, health care and social security and restructure the economy. But if that were true, China would reduce its external dependence, which would theoretically reduce demand for US Treasuries, which seemed to run counter to Mr Geithner's purpose.