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Obama upbeat on China growth

Agencies | Last Modified - Sep 21, 2010, 11:34 AM IST

The US administration acknowledges that China's imports support the global economy.
  • Obama  upbeat on China growth
    Obama upbeat on China growth

    Washington: The US President Barack Obama said on Monday that China's rapid economic progress benefits the US economy.

    obama_288_01"It's good for us that China has done well,"Obama said at a town-hall-style meeting telecast live on CNBC before heading to Pennsylvania to raise money for a Democratic Senate candidate, Xinhua reported.

    His address is in line with US Secretary of Treasury Timothy Geithner's testimony to the Congress last Thursday.

    "We have very significant economic interests in our relationship with China," Geithner said. "A strong and growing China benefits the United States, just as a strong and growing United States is good for China."

    In responding to a question about China's currency issue, Obama said that China's currency is lower than the market says that it should be, but trade benefits both sides.

    "I just want to make sure trade is good for American businesses and American workers," Obama said.

    "We are going to continue to insist that on this issue, and on all trade issues between us and China, that it is a two-way street,"he said.

    The Obama administration acknowledged that China's imports supported the global economy and contributed substantially to global recovery.

    With over 1.3 billion people and an economy continuing to grow at or near double-digit rates, China is the US' fastest-growing major overseas market.

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