Geithner Says US will Strengthen Economic Ties with China

Geithner said the United States and the American people have benefited, and must continue to benefit from strengthening economic relationship with China.

The U.S. Treasury Secretary Timothy Geithner said on Thursday the U.S. government will keep in touch with China over issues including strengthening economic ties between the two nations and Chinese yuan's appreciation, Xinhua reported.

"China is fast on its way to becoming the world's second largest economy and could potentially become the largest foreign market for U.S. exports of goods and services," Geithner told a congressional hearing on the U.S.-China economic relationship.

A growing China will bring more opportunities for the U.S. enterprises and workers, he said.

He also said that the two economies can complement each other.

In the first quarter of 2010, the U.S.' exports to China grew by 50 percent year-on-year, compared with less than 20 percent of growth to other countries or regions in the world in the same period.

"During this period, we have seen double digit growth in a variety of export sectors, ranging from high-end manufactured goods and chemical products to agricultural goods like soybeans," Geithner said.

He said the United States and the American people have benefited, and must continue to benefit from strengthening economic relationship with China.

On the controversial currency policy, he said it was in China's own interest to have a more flexible yuan, also known as renminbi, but he also acknowledged that as a sovereign currency, its policy should be decided by the government.