Speech by US. Treasury Secretary Timothy F. Geithner, Peking University, Beijing, China, June 1st, 2009 It is a pleasure to be back in China and to join you here today at this great university. I first came to China, and to Peking University, in the summer of 1981 as a college student studying Mandarin. I was here with a small group of graduate and undergraduate students from across the United States. I returned the next summer to Beijing Normal University. We studied reasonably hard, and had the privilege of working with many talented professors, some of whom are here today. As we explored this city and traveled through Eastern China, we had the chance not just to understand more about your history and your aspirations, but also to begin to see the United States through your eyes. Over the decades since, we have seen the beginnings of one of the most extraordinary economic transformations in history. China is thriving. Economic reform has brought exceptionally rapid and sustained growth in incomes. China's emergence as a major economic force more fully integrated into the world economy has brought substantial benefits to the United States and to economies around the world. In recognition of our mutual interest in a positive, cooperative, and comprehensive relationship, President Hu Jintao and President Obama agreed in April to establish the Strategic and Economic Dialogue. Secretary Clinton and I will host Vice Premier Wang and State Councilor Dai in Washington this summer for our first meeting. I have the privilege of beginning the economic discussions with a series of meetings in Beijing today and tomorrow. These meetings will give us a chance to discuss the risks and challenges on the economic front, to examine some of the longer term challenges we both face in laying the foundation for a more balanced and sustainable recovery, and to explore our common interest in international financial reform. Current Challenges and Risks The world economy is going through the most challenging economic and financial stress in generations. The International Monetary Fund predicts that the world economy will shrink this year for the first time in more than six decades. The collapse of world trade is likely to be the worst since the end of World War II. The lost output, compared to the world economy's potential growth in a normal year, could be between three and four trillion dollars. In the face of this challenge, China and the United States are working together to help shape a strong global strategy to contain the crisis and to lay the foundation for recovery. And these efforts, the combined effect of forceful policy actions here in China, in the United States, and in other major economies, have helped slow the pace of deterioration in growth, repair the financial system, and improve confidence. In fact, what distinguishes the current crisis is not just its global scale and its acute severity, but the size and speed of the global response. At the G-20 Leaders meeting in London in April, we agreed on an unprecedented program of coordinated policy actions to support growth, to stabilize and repair the financial system, to restore the flow of credit essential for trade and investment, to mobilize financial resources for emerging market economies through the international financial institutions, and to keep markets open for trade and investment. That historic accord on a strategy for recovery was made possible in part by the policy actions already begun in China and the United States. China moved quickly as the crisis intensified with a very forceful program of investments and financial measures to strengthen domestic demand. In the United States, in the first weeks of the new Administration, we put in place a comprehensive program of tax incentives and investments – the largest peace time recovery effort since World War II - to help arrest the sharp fall in private demand. Alongside these fiscal measures, we acted to ease the housing crisis. And we have put in place a series of initiatives to bring more capital into the banking system and to restart the credit markets. These actions have been reinforced by similar actions in countries around the world. |
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