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Ahead of talks, US urges financial reform in China
by Staff Writers
San Francisco (AFP) April 26, 2012


The United States on Thursday urged China to undertake financial reform that would help to level the playing field between the two largest economies, in advance of high-level talks next week.

"Financial reform in China will help reduce one of the main advantages China's state-owned enterprises have in competing with US companies," Treasury Secretary Timothy Geithner said in a San Francisco speech.

Geithner pointed out that China's financial system is dominated by large state-owned banks, which favor lending to large state enterprises.

They also cap the interest rate savers can earn to below the rate of inflation, a system that forces people to "save excessively," limiting consumption and starving more deserving firms of capital, he said.

Geithner made the reform call in a speech ahead of high-level bilateral economic and political talks with China on May 3-4.

He and Secretary of State Hillary Clinton will hold talks with State Councilor Dai Bingguo and Vice Premier Wang Qishan in the Chinese capital, in the fourth annual US-China Strategic and Economic Dialogue.

Geithner lauded a pilot program launched last month in Wenzhou, allowing new private lenders to lend to private enterprises, as "a step in the right direction," according to the prepared text of the speech.

He called for interest rates that better reflect market forces to foster a more efficient financial sector, and which in turn could boost US exports to China.

"Raising the ceiling on deposit rates will also allow Chinese households to earn a higher return on their savings, both increasing their income and reducing their need to save, thus increasing their ability to consume goods and services, including from the United States," he told the Commonwealth Club, a public policy forum.

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Taiwan, China expect investment deal this year
Taipei (AFP) April 26, 2012 - Taiwan said Thursday it expected to sign a much-anticipated investment protection deal with China in the next round of high-level talks later this year.

Taiwan vice economic minister Liang Kuo-hsin said the agreement could be inked in upcoming talks between Taiwan top negotiator Chiang Pin-kung and his Chinese counterpart Chen Yunlin set in Taiwan before the end of 2012.

"We've reached consensus in principle," said Liang. "There is a very big chance to sign the deal in the eighth Chiang-Chen meeting. We are very optimistic."

He made the comment after a one-day routine meeting with Chinese trade officials in Taipei.

An agreement on investment protection has been high on China's and Taiwan's bilateral agenda since the two former rivals signed a sweeping trade pact in the middle of 2010.

Top envoys from Taiwan and China addressed the issue when they met in the northern Chinese city of Tianjin in October, but without reaching a final agreement.

According to Taiwanese media, the problem is Chinese reluctance to accept a dispute resolution mechanism, fearing that it would imply tacit recognition of Taiwan sovereignty if it were to treat both parties on an equal basis.

Taiwan has been a major investor in China in recent years, providing more than $100 billion in financing, according to some estimates, as well as crucial technological know-how.

Ties have improved markedly after President Ma Ying-jeou of the China-friendly Kuomintang party took power in 2008 on a platform of promoting trade and reconciliation with the mainland.



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TRADE WARS
US presses China to open to foreign investment
Singapore (AFP) April 26, 2012
The US on Thursday urged China to open its markets to foreign investors as "aggressively" as Beijing has spread its own economic influence into other countries. Ron Kirk said it was only fair that China allowed foreign investment into the country as other nations had not hindered Chinese economic pursuits in theirs. "What we'd like to see is China fulfil all of the commitments it made re ... read more


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