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US and China get down to business

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US and China get down to business


The growing North/South Korean dispute was not the only thing on the agenda as Hillary Clinton and Treasury Secretary Tim Geithner arrived in Beijing for the second Strategic and Economic Dialogue between the two powerhouses.

The US wants a change in the valuation of the yuan while China has called on Washington to relax its laws on technology exports to Beijing.

Wang Qishan the Chinese Vice Premier:

“China is pleased with the US initiative to relax export control and welcome investment by foreign enterprises in the Untied States we hope to hear from the US side in detail its timetable for removing barriers to high-tech exports to China, giving equal treatment to Chinese enterprises investing in the United States.”

The US believes that the yuan is deliberately undervalued handing Chinese exporters an unfair advantage in global markets.

China pegged the value of the yuan to the US dollar in 2008 to assist its export market, many believe the yuan is undervalued by as much as 40 per cent.

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