US-China strategic and economic dialogue

US-China strategic and economic dialogue

The United States and China have ended their 1st day of strategic and economic dialogue in Beijing. There were clear differences of opinion on their trade imbalance.

The 2-day talks started on Thursday at Diaoyutai State Guesthouse. Discussions on economic issues were held mainly between US Treasury Secretary Timothy Geithner and China's Vice Premier Wang Qishan.

The US side cited China's artificially low currency, saying this allows it to export more products and expand its trade surplus. The US urged China to further raise the value of the yuan with reforms of its currency control.

The Chinese side demanded further deregulation of US export control on high-tech products to China. It said the trade imbalance has been caused by excessive regulations on high-tech goods.

After the economic talks, Chinese Commerce Minister Chen Deming told reporters that more than 2,400 products fall under US export control. He said that's why it's difficult to eliminate the trade imbalance.