US Treasury Secretary Tim Geithner has called on China to reduce unfair subsidies and protect intellectual property, as well as allow the renminbi to rise, the Financial Times reported. Geithner’s speech, coming shortly before President Hu Jintao’s visit to Washington next week, addressed a wider range of US concerns than US officials have recently raised: While he mentioned the need for China to allow its currency to appreciate, Geithner’s speech reflected growing concern in Washington that exclusive attention to the currency debate has distracted the US from other problems facing American companies doing business in and with China. Hu’s visit next week is expected to be accompanied by announcements of new investment and trade deals between the two countries.
Categories