BEIJING -- US Treasury Secretary Timothy Geithner said Friday that China agreed to a range of economic reforms following high-level talks.
Speaking at the close of the US-China Strategic and Economic Dialogue, Geithner said China agreed to work with the US to negotiate limits on export subsidies. He also said China will expand opportunities for foreign security and auto finances firms.
The Treasury secretary said China is working to reform tariffs and import duties and also is considering trimming privileges it gives to its state-owned enterprises.
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Treasury Secretary Timothy Geithner shakes hands with China's Premier Wen Jiabao during a meeting at the Zhongnanhai leadership compound in Beijing today.
"These broader economic reforms -- to the exchange-rate system, the financial system, the state-owned enterprises and the existing mix of taxes and tariffs -- are necessary to advance China's objectives of rebalancing economic growth, encouraging consumption and reducing reliance on exports," Geithner said.
Meanwhile, Chinese Vice Premier Wang Qishan said China agreed to accelerate its economic transformation. He also said the US committed to taking Chinese concerns into account when reforming its export regime.
Chinese officials perennially have pushed for the US to liberalize controls on high-technology exports.
Timothy Geithner, China, US Treasury Secretary Timothy Geithner online, Premier Wen Jiabao, economic reforms
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