22 January 2019

US urges China to speed up economic reform, WSJ says

China should accelerate plans to liberalize its economy even at the risk of social and political unrest, the Wall Street Journal reported Friday, citing United States Treasury Secretary Jacob Lew. He praised Beijing’s willingness to open its markets to more foreign investment, reform its financial sector and move toward more market-determined pricing in the economy. However, he questioned the new leadership’s commitment to reform in time to be of real use to the fragile global economy, the report said. Beijing understands the need to boost domestic demand and restructure the Chinese economy but it is concerned about social and political stability during a time of economic transition, Lew was quoted as saying.

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