- The Washington Times - Tuesday, June 2, 2009

China’s leaders promised to work with the United States in helping stabilize the faltering global economy after meeting with U.S. Treasury Secretary Timothy Geithner in Beijing on Tuesday.

Mr. Geithner, making his first visit to China since taking over the Treasury Department in January, responded that the United States is committed to lowering its ballooning deficit, a measure meant to ease the fears of Chinese investors who have gobbled up billions of dollars in U.S. debt.

“Because of the strengths of the actions put in place by your government and by President Obama, we’re starting to see some early signs of stabilization and recovery in the global economy,” Mr. Geithner told Chinese President Hu Jintao.

China holds about $768 billion of U.S. Treasury securities, making the communist country the United States’ biggest creditor.

President Hu and Prime Minister Wen Jiabao, who met with Mr. Geithner on Tuesday, said they were pleased with discussion.

“You have established good working relationships with your Chinese colleagues and you are committed to enhancing China-U.S. economic cooperation in tackling the international financial crisis,” Mr. Hu said. “I’m confident that as treasury secretary you will certainly make positive contributions to advancing China-U.S. economic and financial cooperation and the growth of the China-US relationship.”

Mr. Geithner said he told the Chinese president that cooperation between the two economic superpowers in recent months already has led to “early signs of stabilization” in a global economy.

“We have already demonstrated the capacity of our two countries to work together on the global stage to lay the foundation for economic recovery,” Mr. Geithner told Mr. Hu at the start of their meeting.

The Treasury Department also on Tuesday announced the two countries would meet for high-level economic talks in Washington in late July. The meetings will focus on “addressing the challenges and opportunities that both countries face on a wide range of bilateral, regional and global areas of immediate and long-term strategic interest,” said a joint statement by the Treasury and State departments.

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