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26 May 2010
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U.S. China hail summit’s results
The Wall Street Journal Asia, Wednesday, May 26, 2010
U.S. China hail summit’s results – The most wide ranging dialogue in the history of modern U.S – China relations ended with some accord on contentious issues of currency and trade, and underlined a fundamental shift in a relationship that is being recast on both side as a partnership between equals. Although China offered few major concessions in two days of discussions at the annual Strategic and Economic Dialogue, officials from both sides hailed the outcome. China pledged to gradually reform its currency-exchange rate, without offering any timetable. On Beijing’s drove to promote “indigenous innovation,” which foreign companies fear is a protectionist ploy, China held out hope of a resolution within the World Trade Organization. And Beijing promised to “work together with U.S. and other parties” to resolve the crisis over allegations that North Korea torpedoed a Southern patrol vessel, but it gave no specifics. “This is progress,” said U.S. Treasury Secretary Timothy Geithner, referring to China’s response to American complaints about “indigenous innovation” policies that threaten to exclude foreign companies from a government procurement market worth billions of dollar each year. “It does not fully resolve our concerns, but it gives us a set of basic principles on which to move forward,” he told a closing ceremony at the Great Hall of the People.
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