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US to push China for financial reforms

By Li Xing and Tan Yingzi (chinadaily.com.cn)
Updated: 2011-05-04 07:03

Washington – The United States will attempt to push China to further its financial reforms and open up its capital market to foreign firms in the coming 3rd Strategic and Economic Dialogue scheduled for next Monday and Tuesday.

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"We are going to put more attention to spin the discussion over next stage financial reform," US treasury secretary Timothy Geithner said on Tuesday while speaking at a media briefing with the US-China Business Council in Washington.

He said for China to seek a balanced growth and the use of resources, it must improve its financial system, open up its capital market and level the playing fields for all players, including the foreign firms.

"China recognizes that is a fundamental part of its next Five-Year Plan, and we’ve got interest in moving in that direction," he said.

Meanwhile, the US will also try to address the standing issues that include appreciation of China’s currency, intellectual property rights protection, China's policies on indigenous innovation and opening of government procurement market, he said.