Chinese Leader Pressed on Economic Changes
U.S. Commerce Secretary Don Evans pressed Chinese Premier Wen Jiabao to float the yuan, curb government subsidies to industries and make clear the rules for imports and foreign investment.
Those actions are necessary before the U.S. will accede to demands to categorize China as a market economy, Evans said after meeting with Wen in Beijing. That categorization would lower the duties faced by Chinese companies shipping TVs, furniture, steel and other products to the U.S.
Wen “reiterated their commitment to flexible exchange rates,” Evans said. “He didn’t put a timeline on it, but he knows they have got to get there.”
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