June 5, 2009

U.S. Has Plenty of Leverage with Beijing

Gordon Chang, Forbes

AP Photo

This week Timothy Geithner completed his first trip to Beijing as U.S. Treasury secretary, and from his account the three-day visit was a great success. The Chinese, he said, backed the Obama administration's stimulus program, understood the temporary need for enlarged federal budget deficits and supported the dollar's dominant role in the global economy. Summing up his short stay, Geithner said he received Beijing's full backing for his plans: "I've actually found a lot of confidence here in China, justifiable confidence, in the strength and resilience and dynamism of the American economy."

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