Date
24 March 2017
China must "embrace responsibility commensurate with its size", says US Treasury Secretary Jack Lew. Photo: Bloomberg
China must "embrace responsibility commensurate with its size", says US Treasury Secretary Jack Lew. Photo: Bloomberg

China must reaffirm commitment to market-led economy: Jack Lew

US Treasury Secretary Jack Lew urged China to reaffirm its commitment to moving toward a market-oriented, consumer-driven economy, and also reassure the international community that it will protect foreign investments.

In an opinion piece for the Wall Street Journal, Lew wrote that questions remain about the business climate in China because of Beijing’s restrictions on the purchase of foreign technology and its review process for foreign investment.

In the column, which came ahead of Chinese President Xi Jinping’s state visit to Washington, Lew also cited concerns about China’s currency valuation policies, Reuters noted. 

“We have made clear to China’s officials that they need to keep the commitments they have made to the U.S. and the international community,” Lew wrote. 

US-China talks on a bilateral investment treaty provide “a tangible way for China to signal to businesses in America and the world that it is serious about welcoming and protecting foreign investment”, he wrote.

US business officials want to see a quicker pace in the talks, which reportedly cover between 35 and 40 sectors.

“In short, it is important for China to embrace responsibility commensurate with its size,” Lew wrote.

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