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| Version 0 | Version 1 |
|---|---|
| China-US make progress on trade but differences remain | China-US make progress on trade but differences remain |
| (40 minutes later) | |
| The world's two biggest economies ended a two-day meeting with both sides saying progress had been made. | The world's two biggest economies ended a two-day meeting with both sides saying progress had been made. |
| China said it will allow American companies easier access to sectors of its market. | China said it will allow American companies easier access to sectors of its market. |
| But a key US demand to let China's currency appreciate was not met. | But a key US demand to let China's currency appreciate was not met. |
| "We are seeing very promising shifts in the direction of Chinese economic policy," said US Treasury Secretary Timothy Geithner. | "We are seeing very promising shifts in the direction of Chinese economic policy," said US Treasury Secretary Timothy Geithner. |
| The US had been hoping for a commitment from China to allow a stronger Chinese currency against the dollar. | The US had been hoping for a commitment from China to allow a stronger Chinese currency against the dollar. |
| American manufacturers believe that the yuan is kept artificially low in value which makes Chinese goods a lot cheaper than their own. | American manufacturers believe that the yuan is kept artificially low in value which makes Chinese goods a lot cheaper than their own. |
| "We hope that China moves to allow the exchange rate to appreciate more rapidly and more broadly against the currencies of all its trading partners," Mr Geithner said at a news conference after the talks. | "We hope that China moves to allow the exchange rate to appreciate more rapidly and more broadly against the currencies of all its trading partners," Mr Geithner said at a news conference after the talks. |
| "So far both our nations have never signed any economic cooperation as broad," China's vice minister of foreign affairs Cui Tiankai said. | |
| On the subject of the yuan, there was no breakthrough however, "we stick with China's national interests" on monetary policy he said. | |
| Promises | Promises |
| The annual Strategic and Economic dialogue ended in an agreement being signed between the two super powers on a broad economic framework. | The annual Strategic and Economic dialogue ended in an agreement being signed between the two super powers on a broad economic framework. |
| It included a pledge being made to provide better protection for US companies against the piracy of computer software. | It included a pledge being made to provide better protection for US companies against the piracy of computer software. |
| This followed on from promises made by Chinese President Hu Jintao during a visit to Washington earlier this year. | This followed on from promises made by Chinese President Hu Jintao during a visit to Washington earlier this year. |
| There are allegations that Chinese firms, including state-owned enterprises, are using pirated software. | There are allegations that Chinese firms, including state-owned enterprises, are using pirated software. |
| Chinese authorities also promised to change government rules around competition for Chinese government contracts. | Chinese authorities also promised to change government rules around competition for Chinese government contracts. |
| At present US firms are currently only allowed to compete if they agree to make their technology available to Chinese companies. | At present US firms are currently only allowed to compete if they agree to make their technology available to Chinese companies. |
| For its part the US has agreed to consider relaxing export controls and gave reassurances to China that it is open for investment in its financial services. | |
| It remains to be seen, however, whether these promises will yield results. | It remains to be seen, however, whether these promises will yield results. |
| "As with all agreements with the Chinese on trade, we're not going to know how significant it is until we see it implemented," said Susan Schwab, a former US trade representative. | "As with all agreements with the Chinese on trade, we're not going to know how significant it is until we see it implemented," said Susan Schwab, a former US trade representative. |
| "Some of the commitments are similar to previous commitments that didn't quite play out." | "Some of the commitments are similar to previous commitments that didn't quite play out." |