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| Version 0 | Version 1 |
|---|---|
| China-US economic talks to open | China-US economic talks to open |
| (about 3 hours later) | |
| The first meeting of the Obama administration's US-China Strategic and Economic Dialogue is due to get underway in Washington. | The first meeting of the Obama administration's US-China Strategic and Economic Dialogue is due to get underway in Washington. |
| President Barack Obama is due to address the two-day meeting, to which China has sent Vice Premier Wang Qishan and State Councillor Dai Bingguo. | President Barack Obama is due to address the two-day meeting, to which China has sent Vice Premier Wang Qishan and State Councillor Dai Bingguo. |
| China is worried about the value of the US dollar. | China is worried about the value of the US dollar. |
| China holds huge amounts of American debt - more than $800bn (£486bn) of US Treasury securities alone. | China holds huge amounts of American debt - more than $800bn (£486bn) of US Treasury securities alone. |
| It fears President Obama's stimulus spending will stoke inflation in the United States, eroding the value of the dollar, making the American debt China holds a lot less. | It fears President Obama's stimulus spending will stoke inflation in the United States, eroding the value of the dollar, making the American debt China holds a lot less. |
| At these talks the US Treasury Secretary Timothy Geithner will be seeking to soothe those fears. | |
| Ties that bind | Ties that bind |
| He has already tried to reassure the Chinese their assets will be protected. | He has already tried to reassure the Chinese their assets will be protected. |
| But China is not convinced. | But China is not convinced. |
| American manufacturers complain they cannot compete fairly with their Chinese competitors. | American manufacturers complain they cannot compete fairly with their Chinese competitors. |
| Some accuse Beijing of deliberately devaluing its currency to make its exports seem cheaper. | Some accuse Beijing of deliberately devaluing its currency to make its exports seem cheaper. |
| China is unlikely to concede any ground on this point. GDP growth might be picking up here but the country's exporters are still struggling. | China is unlikely to concede any ground on this point. GDP growth might be picking up here but the country's exporters are still struggling. |
| China and the US are well aware they need each other. | China and the US are well aware they need each other. |
| Their economies are bound together tightly. | Their economies are bound together tightly. |
| That does not mean they always agree when it comes to trade for example - far from it - but it does mean they accept the need to sort out problems in forums like this. | That does not mean they always agree when it comes to trade for example - far from it - but it does mean they accept the need to sort out problems in forums like this. |