Monday, June 01, 2009

Geithner in China

Treasury Secretary Tim Geithner’s visit to China is top fold in most of the newspapers today. You can read the entirety of his remarks in a generally conciliatory address to Peking University, but a key passage was highlighted in this morning’s Wal-Street Journal:

The purchases of U.S. consumers cannot be as dominant a driver of growth as they have been in the past," he said. By contrast, Mr. Geithner argued, China needs to look for ways to unlock the spending power of its own consumers. "Strengthening domestic demand will strengthen China's ability to weather future fluctuations in global supply and demand," he said.

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