China Vows Change In Trade, Finance At US Talks
|JOE McDONALD, AP Business Writer|
This week's Strategic and Economic Dialogue came as a weak global economy and pressure to generate jobs is fueling U.S. demands for
The dialogue was overshadowed by the tussle over legal activist Chen Guangcheng but went ahead as scheduled. He has made a high-profile plea for U.S. sanctuary after escaping house arrest. The annual talks are meant to head off trade disputes between the world's two biggest economies and promote cooperation in environmental and other issues.
Chinese officials agreed to raise the cap on foreign ownership of securities joint-ventures to 49 percent. That is above
The two governments said they would start negotiations this summer on limits to export credits.
"These important steps do not resolve all of our concerns, or
For its part, the U.S. promised to facilitate high-tech exports to
Chinese officials also announced plans to allow foreign and domestic auto financing companies to issue bonds regularly, a step that could give a boost to U.S. automakers relying on
Earlier Friday, Geithner said in a meeting with President
Chinese envoys made a "clear, sustained commitment" to more exchange-rate reform at this week's talks, said a U.S. official who had briefed reporters on condition of anonymity.
Chinese officials have said, however, that future gains in the yuan are likely to be limited. Trade Minister
Participants in this week's wide-ranging dialogue included U.S. Federal Reserve chairman
U.S. officials are starting to see "real progress" in Chinese reforms aimed at making state companies more market-oriented and reducing support for them such as privileged access to bank loans, the U.S. official said.
Still, foreign governments and business groups complain
At a breakfast Friday attended by Geithner's Chinese counterpart, Vice Premier Wang Qishan, the chairman of
"We get mixed signals regarding electric vehicle requirements," said the executive,
|Copyright:||(c) 2012 The Associated Press. All rights reserved.|