US, China bridge some economic differences in Washington talks PDF Print E-mail
User Rating: / 0
PoorBest 
Written by JPNN   

altJPNN|Washington|Jun 25, 2015| US and Chinese negotiators bridged some differences over economic policy in annual bilateral talks Wednesday, even as the two countries continue to wrestle with major strategic disagreements. Both sides suggested they closed gaps in talks on a bilateral investment treaty (BIT) following the talks. And Washington appeared more ready to support a major step in the internationalization of the Chinese yuan, its inclusion in the basket underpinning the International Monetary Fund's SDR currency. But there was little sign that Washington was ready to embrace China's new Asian Infrastructure Investment Bank, which the US says risks undermining social and environmental standards for loans established by the World Bank. US treasury secretary Jacob Lew said at the end of the two-day US-China Strategic and Economic Dialogue that China had agreed to hold off on interventions in the foreign exchange markets to manage the yuan's value except in situations of "disorderly market conditions."

China also agreed "to actively consider" additional steps to move the yuan, which the US has long criticized is forcefully kept undervalued, to a market-based exchange rate. Lew also welcomed China's commitment to begin publishing economic data to meet a key IMF standard by the end of 2015. "It is in China's own interest to adopt the transparency standards of major reserve currencies." Earlier this year Beijing asked the IMF to consider including the yuan, also called the renminbi, in the basket on which the SDR is based. That would constitute a major recognition of the yuan as one of the 10 most important currencies in the world. Chinese vice premier Wang Yang confirmed that Washington had shown support for the yuan's consideration by the IMF, a decision likely to take place only next year. Wang also said the two sides had placed high priority on the BIT, as they weigh each others' proposed "negative list," a register of business sectors they want to keep protected from foreign investment.

The two sides committed to "improve the negative list offer with a view to reaching a mutually beneficial and high-standard treaty," he told reporters after the meeting. The talks, which deal with a broad range of often technical issues, appeared to avoid flashpoint economic issues, like the AIIB that Beijing has launched, and the Trans-Pacific Partnership, the US-driven free trade area that notably excludes China, the second-largest US trade partner. A key new complaint at the top of the US list in economic and trade issues, cyber-spying and cyber-theft of secrets and intellectual property from US companies that is allegedly backed by the Chinese government, was discussed, according to Lew. The two sides "had candid conversations about standards of behavior in cyberspace. We agree that there is value in bilateral and international cooperation on these issues," he said. Wang meanwhile said that Washington had acknowledged its complaints about US economic policy, and would weigh the impact of its expected monetary tightening on the rest of the world. "The United States will pay attention to the impact of monetary policy on international financial systems and promised increased investment, national savings, a reduced deficit... and fiscal sustainability over the medium term," Wang said. AFP

Share this post

 

Slides

Slides of The Week


Spotlight

Spotlight

alt
President Pranab Mukherjee confers the Padma Vibhushan to Amitabh Bachchan, left, during a civil investiture ceremony at the Rashtrapati Bhawan, in New Delhi on 8-4-15. - AP Photo/ Manish Swarup
US President Barack Obama and first lady Michelle Obama fold their hands in Namaste gesture before their departure from Air Force Station Palam in New Delhi on 27-1-15. - PTI Photo/ Manvender Vashist
alt
British Prime Minister David Cameron with US actress Angelina Jolie, Special Envoy of the United Nations High Commissioner for Refugees, on the doorstep of Cameron's official residence at 10 Downing Street following their meeting in central London on June 11-6  - 2014:-AP/PTI
 

 

 

 
 
 
alt

Cartoon

Cartoon of The Week

JA slide show

Quote

Quote of the Week

To be trusted is a greater compliment than being loved.
George MacDonald

Share this post

 
 

JP Social Widgets

Tours & Travels Partner

Live Healthy!

  • 03.06.15 Health >> Health News

    The controversy around Nestle's Maggi noodles has caused panic throughout the nation and it doesn't look like it will die down any time soon.

    After the initial test results by Uttar Pradesh Department of Food and Drug Administration (FDA) showed harmful levels of monosodium glutamate (MSG) and lead in Maggi, various states across India and even Bangladesh conducted tests on Maggi to find out whether the food product is safe or not.

    The controversy around Maggi has led to tests being conducted across the country.

    The entire controversy began when the UP FDA last month asked Nestle India to withdraw a batch of Maggi noodles "which were manufactured in February 2014" after it found high levels of added MSG, a taste enhancer, in the noodles and lead beyond permissible limits.

     

    Share this post

    Read more...
  • 16.03.15 Health >> Health News

     

    altJPNN|Pakistani authorities have arrested hundreds of parents

    Share this post

    Read more...
  • 15.02.15 Health >> Health News

    altJPNN|Washington|Snacking on almonds instead of carbs could reduce belly fat and lower the risk of heart disease, a new study has claimed.

    Share this post

    Read more...
  • 09.02.15 Health >> Health News

    altJPNN|Scientists have found a “reset button” for our biological clock, paving the way for more

    Share this post

    Read more...

Published From

J B. Plaza, Residency Road,
Srinagar Kashmir - 190001. (India) Phone: Office + 91 0194 2459303

Email:- editorjehlumpost@gmail.com
editor@jehlumpost.com
editorjehlumpost@rediffmail.com

Legal Advisor:- Shabnam Gani Lone
(Advocate) Supreme Court of India 

 altalt

 


 

Kashmir Travel Portal

Kashmir Hotels

Hotels in Kashmir - Book Now!