Economy

China presents vast opportunity for US companies

(Xinhua)
Updated: 2010-05-20 09:26

WASHINGTON - China's fast growing economy will provide US companies with vast opportunity and help the Obama administration achieve its goal of doubling the export in five years, said a high rank official of the US Treasury Department on Wednesday.

"Our relation with China is one of the most important in the world," said David Loevinger, Executive Secretary and Senior Coordinator for China Affairs and the Strategic and Economic Dialogue (S&ED) of the Treasury Department during a briefing held in Washington.

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"As one of the world major fastest growing economies, China presents vast opportunity for US companies and US workers," Loevinger said.

He said President Obama has underscored a very tight link between trade, US job creation and export. The president had set a goal of doubling the export and creating two million US jobs in the next five years. While China mean one of the most important markets to American goods and products.

US Treasury Secretary Tim Geithner and Secretary of State Hillary Clinton will meet their Chinese counterparts for the second round of talks under the US-China Strategic and Economic Dialogue on May 24-25 in Beijing.

Loevinger said the S&ED will focus on four key areas, including promoting trade and investment cooperation, promoting strong recovery and more balanced growth, promoting resilient financial system and strengthening the international financial and economic architecture.

"We hope that we will make progress on a range of issues, "and "we will continue to promote our bilateral relationship with China," Loevinger said.