US-G20 TWO LST

"We're working to create more effective means of
cooperation on financial reforms to help prevent future
financial crises.

"This is why we created the Financial Stability Board, as
a complement to the existing Bretton Woods institutions, and
why we expanded this forum for cooperation on financial
standards to include all the G-20 countries," Geithner said.
These reforms to the architecture are critical to
advancing US interests, Geithner said adding they have very
broad support internationally.
Geithner said during their discussions this week, in
Singapore and China, US President Barack Obama emphasised that
the US and China must be at the centre of efforts to put the
global economy on a more sustainable and balanced growth path.
"China has to move to take steps to move away from
excessive reliance on exports to domestic consumption-led
growth. And as you saw in the G-20 and in APEC, there is very
broad support around the world for this view," he noted.
Observing that China is very important to the United
States economically, he said, "We want to see more open
markets in China, a more level playing field for US companies
that compete in China and compete with China around the world.
It's very important we see financial reforms, broader
reforms to their exchange rate system over time that would
help reinforce this process towards a more balanced global
recovery.
"I think what's really remarkable is, again, if you
listen to what countries like China, like India, like Brazil
are saying about their basic reform agenda, how close it is in
sort of basic values and judgment to many of the things we're
trying to do in the United States, even though our sort of
situations are very different, political systems are very
different," he said in response to a question. PTI LKJ
ANU


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