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China, US open trade-focused talks
AFP - Tuesday, May 25
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A bank worker arranges stacks of 100-yuan notes at a bank in southwest China's Sichuan province. Relations between Washington and Beijing hit a rocky patch earlier in the year over US arms sales to Taiwan, US President Barack Obama's White House meeting with the Dalai Lama, Internet freedom and trade disputes including the value of the yuan.
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BEIJING (AFP) - – The United States on Monday started high-level talks with China aimed at putting an end to months of discord, notably over currency and trade disputes.
US Secretary of State Hillary Clinton and Treasury Secretary Timothy Geithner are leading a huge delegation to the Strategic and Economic Dialogue in Beijing -- two days of discussions that come at a sensitive time in Sino-US relations.
The two countries are looking to move forward on a number of issues including the value of the yuan, with the US to prod China for its agreement on some kind of appreciation, lingering trade spats and Internet freedom.
In a sign of the importance Washington has given to the meeting between the world's number one and three economies, about 200 officials have come to Beijing -- a number which Clinton said she believed was unprecedented.
"Our economies have become increasingly inseparable," Chinese Vice Premier Wang Qishan, who is leading Beijing's delegation along with State Councillor Dai Bingguo, said at the opening ceremony in the Great Hall of the People.
In her opening speech, Clinton said: "We will not agree on every issue but we will discuss them openly," citing human rights concerns.
"Our future, both our challenges and our opportunities, will be shared. Ultimately, this is what this dialogue is about."
After the first round of talks in the morning, Clinton told reporters: "We're off to a very good start."
Geithner -- under pressure from US lawmakers to push China to allow the yuan to rise -- has of late instead highlighted complaints that Beijing has skewed its trade and investment rules in favour of homegrown firms.
"Our common interests lie in supporting a more open global trading system, with a fair balance of benefits and responsibilities, in which countries are able to compete on a level playing field," Geithner said Monday.
"Our two countries have benefited greatly from open trade and investment, and we welcome a more open China today."
Chinese President Hu Jintao, addressing officials before the start of the talks, reiterated that Beijing would make "gradual progress" on the yuan, and adjust its exchange rate policy at its own pace.
Relations between Washington and Beijing hit a rocky patch earlier in the year over US arms sales to Taiwan, US President Barack Obama's White House meeting with the Dalai Lama, Internet freedom and trade.
China's state-run Global Times newspaper likened the Sino-US relationship to a "bicycle built for two".
"Taking it slow is tricky, but safer than riding at high speeds. And the bicycle cannot run steadily without the concerted effort of both riders," the paper said in a commentary.
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