US exports to China jumping 50% in first quarter

09:11, May 19, 2010      

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With American exports to China rapidly expanding in the first quarter this year, the United States will continue to encourage China to shift its economic growth mode relying on home front.

U.S. Treasury Secretary Timothy Geithner said Tuesday that export-driven China was shifting its development strategy to rely more on domestic consumption, a move he described as "encouraging."

Geithner said Beijing's strategy change partly had resulted in a jump of almost 50 percent in American exports to China compared to a 20-percent rise to the rest of the world in the first quarter of 2010.

The much more rapid growth in exports to China came as the world's most populous nation was growing faster than the rest of the world but "also because China is changing how it grows," Geithner said after visiting a 737 Boeing plant in Washington state.

"After decades of reliance on exports for economic growth, China is now shifting its development strategy to rely more on domestic consumption by the Chinese people," he said.

"We call this rebalancing growth. As we in the United States save, invest, and export more, China and other countries are moving to expand consumption and imports," he said ahead of key bilateral talks in Beijing next week.

Geithner and Secretary of State Hillary Clinton will meet their Chinese counterparts for talks under the US-China Strategic and Economic Dialogue scheduled on May 24-25.

Geithner said the development transition in China would expand what was already an important market for American exports.

"Now, this is encouraging, but we need to continue to work to make sure that American companies are competing on a level playing field," he said.

People's Daily Online / Agencies


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