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Edition: U.S. Article Comments (2) World News Japan to shut nuclear plant on quake fears Iran in final pre-start tests at nuclear plant U.S.-China talks aim to keep irritants in check NATO planes pound Libyan govt weapons depot Security forces fire on Yemen protest, 3 dead Egypt ups security amid inter-faith tensions Slideshow: The bin Laden tapes Video: Fatal typhoon hits Philippines Follow Reuters Facebook Twitter RSS YouTube Read River flooding begins to "wrap arms" around Memphis | 07 May 2011 Majority agree with Obama decision on bin Laden photos: poll 7:55am EDT Pakistan PM says bin Laden accusations absurd | 11:20am EDT Bin Laden's widow says they lived in Pakistani house for 5 years 06 May 2011 Are gay men more at risk for cancer? 1:28am EDT Discussed 154 Concerns raised over shooting of unarmed bin Laden, burial 141 Obama at U.S. base to pay tribute to bin Laden mission 106 Boehner demands trillion-dollar cuts in debt deal Watched US releases video of bin Laden from compound Sat, May 7 2011 Bin Laden on tape Sun, May 8 2011 Mississippi River floods force evacuations Fri, May 6 2011 U.S., China talks aim to keep irritants in check Tweet Share this By Glenn Somerville and Chris Buckley WASHINGTON (Reuters) - The United States and China launched two days of talks on Monday emphasizing common ground as they prepared to discuss irritants in their relations ranging from currencies and debt to... Email Print Factbox Strategic and political issues at U.S.-China talks 8:38am EDT Analysis & Opinion Will there be a bin Laden peace dividend? More debt and inflation will not create economic prosperity Related Topics World » Politics » China » The flags of the United States and China hang outside of the New York Stock Exchange March 30, 2011. Credit: Reuters/Lucas Jackson By Glenn Somerville and Chris Buckley WASHINGTON | Mon May 9, 2011 10:35am EDT WASHINGTON (Reuters) - The United States and China launched two days of talks on Monday emphasizing common ground as they prepared to discuss irritants in their relations ranging from currencies and debt to human rights. The annual Strategic and Economic Dialogue gives the world's two biggest economies a chance to manage, if not resolve, their often tense policy differences and both sides pledged to use the talks to that end.. "Only by discussing a diverse range of topics, including sensitive ones, can we help mitigate the risk of misperception and miscalculation," U.S. Vice President Joe Biden said, as he underscored Washington's concern over a recent crackdown on dissent by Beijing. In a 45-minute opening session both sides struck familiar themes with U.S. officials pressing Beijing on currency and human rights, while China -- the United States' largest creditor -- hinted at misgivings over U.S. fiscal policy. U.S. Treasury Secretary Timothy Geithner acknowledged Washington has to get its debts under control, but also used his brief remarks to renew a call for China to rely less on exports and more on spending at home to fuel growth. The reforms we must both pursue to meet these very different challenges are not in conflict, and the strengths of our economies are still largely complementary," he said. This year's meeting of top officials from both capitals takes place barely a week before the United States is likely to hit a legally set limit on its debt. The U.S. Treasury has said it could take action to ensure the government continues to meet its obligations beyond May 16 but has warned it will run out of maneuvering room on August 2. Ahead of the talks, Chinese officials made clear they were monitoring negotiations between the Obama administration and Republican lawmakers on competing proposals for tackling a projected $1.4 trillion budget deficit. "We hope that the United States in its fiscal clean-up will be able to adopt effective measures based on President Obama's proposal," Chinese Vice Finance Minister Zhu Guangyao told reporters in Beijing on Friday. U.S. officials have laid out a menu of demands for Beijing that include more access for American firms, faster implementation of financial market reforms. Washington is also pressing for higher Chinese interest rates to temper inflation and to give Chinese consumers more spending power. MANAGING DIFFERENCES With the U.S. economy growing only modestly after the 2007-2009 financial crisis, and Washington still reliant on selling its debt to China, both countries have a stake in keeping relations on an even keel to foster global recovery. No breakthroughs are likely at the talks, but they may defuse some of the potential for flare-ups over debt and other issues, said Jin Canrong, a professor of international relations at Renmin University in Beijing. "There are structural conflicts in the China-U.S. relationship," Jin told Reuters. "Although this year relations have had a good start, the problems are still there and could burst out at any time and lead to a step back in relations. At the start of the meeting, both Biden and U.S. Secretary of State Hillary Clinton expressed strong misgivings at a recent crackdown on dissent by Beijing. Biden characterized it as a "vigorous disagreement" and pledged the Obama administration would be unrelenting in pressing for greater respect for human rights. During the opening ceremony, Chinese Vice Premier Wang Qishan conceded there were differences, but said the two countries had an "economic interdependence" that made it essential for both to find common ground. "No side can do without the other," he said. CURRENCIES AND TRADE IN FOCUS Ahead of the talks, Geithner said letting the yuan appreciate more rapidly would allow the Chinese to better control inflation and U.S. officials said he would also urge China to let official interest rates rise more rapidly. "We're going to encourage China to move more quickly in lifting the ceiling on interest rates on bank deposits in order to put more money in Chinese consumers' pockets," Treasury's senior coordinator for China, David Loevinger, told reporters at a briefing last week. The U.S. Treasury delayed a scheduled April 15 report on currency practices of key trade partners that, in theory could have labeled China manipulator and opened the way to imposing trade measures against it. In practice, Treasury has opted to use persuasion to try to convince Beijing to let the yuan rise as an inflation-fighting tool. China, flush with cash now as holder of the world's largest foreign reserves that are about two-thirds dollars, wants to ensure its firms are not discriminated against in the United States. Analysts caution that dramatic outcomes are unlikely from this week's talks, unsurprising as the two leading economies enter a more mature relationship. "The focus has shifted to making methodical if slow progress rather than on resolving major conflicts or arriving at dramatic breakthroughs," said Eswar Prasad, a senior fellow at Washington's Brookings Institution. (Additional reporting by Chris Buckley and Doug Palmer, editing by Sandra Maler) World Politics China Tweet this Share this Link this Digg this Email Reprints We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. Comments (2) Pterosaur wrote: All the problems are unilaterally provoked by the US onto China. As long as the US renounces its hegemony and its goal of world domination by unfair means, the US-China relationship or more generally the World will be back to normal and business as usual. It’s the only way the US can excel and uses its real strengthes to lead the World to prosperity. (But the neo-cons won’t like this idea, the only acceptable scenery for them is all others kneel down to them.) May 09, 2011 10:34am EDT -- Report as abuse jrj90620 wrote: If the problem is that Americans borrow and consume too much and produce too little why not change our tax structure to incentivize more investment in production in the U.S. and less wasteful consumption.Go to more consumption taxes and reduce taxes on investment.That would be better that seeing the Chinese Yuan appreciate 20% and we end up paying much more for everything we buy and get no increased production in the U.S. May 09, 2011 11:50am EDT -- Report as abuse See All Comments » Add Your Comment Social Stream (What's this?) © Copyright 2011 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Reader Feedback Mobile Newsletters RSS Podcasts Widgets Your View Analyst Research Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week FindLaw Super Lawyers Attorney Rating Service Reuters on Facebook Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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