White House: Bush, Hu Jintao to meet September 7
(AFP)
Updated: 2005-08-24 07:21

China last month freed the yuan from an 11-year-old peg to the US dollar and allowed the unit to appreciate 2.1 percent.

Beijing's thirst for foreign energy to power its economic emergence has also sparked concern : fierce opposition in Congress and elsewhere last month prompted China National Offshore Oil Corp (CNOOC) to abandon an 18.5-billion-dollar takeover bid for California firm Unocal Corp.

Washington and Beijing are also at trying to find a compromise in a row over rocketing volumes of Chinese textile shipments, which have sparked fresh trade tensions.

Secretary of State Condoleezza Rice said in an interview published in The New York Times last week she had told Chinese leaders in recent meetings that they should take note of unrest in Congress about Sino-US relations.

"Don't ignore what people are saying to you about the problems of a Chinese economy that is both big and unreformed," Rice said.

China has also been brokering six-nation talks in Beijing on easing the North Korea nuclear crisis.

The next round in the process gets underway in the week of August 29, and if all goes well could still be underway during Hu's visit to the United States.

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