InfoAnda - China's Hu gives Geithner vote of confidence

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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Australia China India Indonesia Japan Malaysia Philippines Thailand Vietnam Search Search: China's Hu gives Geithner vote of confidence AFP - Wednesday, June 3 BEIJING (AFP) - - Chinese President Hu Jintao on Tuesday gave visiting US Treasury Secretary Timothy Geithner his stamp of approval, as Beijing pledged to work with Washington to battle the global financial crisis. ADVERTISEMENT Geithner met with Hu and Prime Minister Wen Jiabao on the final day of a whirlwind visit aimed at winning Chinese cooperation on tackling the downturn, and reassuring Beijing that its massive investment in US bonds is safe. The US treasury secretary seemed to have accomplished his mission, with Hu praising his efforts and Washington announcing that the first-ever China-US strategic and economic dialogue would be held in the US capital in late July. "You have established good working relationships with your Chinese colleagues and you are committed to enhancing China-US economic cooperation in tackling the international financial crisis," Hu said during their talks. "I'm confident that as treasury secretary you will certainly make positive contributions to advancing China-US economic and financial cooperation and the growth of the China-US relationship." China has recently been trying to move into the limelight of global politics and place itself at the head table of world powers -- and its purchase of almost 800 billion dollars in US assets gives it a strong hand. As the largest holder of US Treasury bills, which are crucial to funding Washington's multi-trillion-dollar recovery plans, China has expressed concerns that its investment is at risk. But Geithner has sought during his visit to reassure Chinese leaders, saying their money is "very safe" despite a ballooning US budget deficit, which he pledged to cut. "Because of the strengths of the actions put in place by your government and by President (Barack) Obama we're starting to see some early signs of stabilisation and recovery in the global economy," Geithner told Hu. Earlier, he told Chinese state television: "Ive actually found a lot of confidence here in China, justifiable confidence, in the strength and resilience and dynamism of the American economy." State media however expressed opposition to Beijing's policy of buying massive amounts of US debt, saying the value of China's assets could be battered as the financial crisis continues. And according to an online poll, 87 percent of respondents considered China's dollar assets unsafe, the Global Times reported. "Ordinary Chinese people are discontent with the declining value of China's huge foreign exchange reserves denominated in US dollars," the paper said. "It will be regrettable if he (Geithner) underestimates and shuts his ears to voices from China's civil society," it said in an editorial. During the key bilateral dialogue in July, US Secretary of State Hillary Clinton will hold strategic talks with Chinese State Councilor Dai Bingguo, who is in charge of China's diplomacy, the announcement said. Geithner meanwhile will hold discussions with China's Vice Premier Wang Qishan, who holds the nation's economic portfolio. "Through the dialogue, we will send a message that China and the United States are cooperating substantively to get over the difficult times," Wang told Geithner on Monday. Geithner told reporters that energy also would be a core issue in the July bilateral talks and that both sides would seek to raise energy efficiency. "The world is going to be watching what we do together... they are watching us cooperate to help resolve the global recession and the financial crisis," Geithner said. "They will be looking at us as the most intensive users of energy on the planet. The judgements that we make together will lay the foundations for more energy efficiency and lower carbon growth in the future." Geithner, who once studied Chinese at the prestigious Peking University, announced the appointment of David Loevinger as the Treasury Department's senior coordinator for China affairs. Loevinger, currently the Treasury's first permanent representative in China, will handle a broad range of US-China economic issues including financial regulation, monetary policy and exchange rate policy. Geithner left China for Washington later Tuesday. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: Asia Pacific Pakistan frees students from Taliban: militaryAFP - Wednesday, June 3 N.Korea's Kim names third son as successor: reportsAFP - Wednesday, June 3 GM China 'still expanding' despite parent's woesAFP - Wednesday, June 3 China's Hu gives Geithner vote of confidenceAFP - Wednesday, June 3 China, Japan 'to cooperate over crisis'AFP - Wednesday, June 3 Enlarge Photo China's Hu gives Geithner vote of confidence Most Popular – Asia Pacific Viewed Last Titanic survivor dies in England General Motors files for bankruptcy Talent judge defends singing sensation Boyle Ancient eruption 'killed off world's sea life' GM aims for restart as Chrysler gets green light View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). 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