China has made progress in rebalancing its economy towards domestic consumption and away from exports even though its currency remains pegged to the dollar, Tim Geithner, US Treasury secretary, has said.
Adopting a conciliatory tone yesterday ahead of two days of meetings in Beijing starting today, Mr Geithner said China had relaxed some of the restrictions facing multinationals that have angered parts of the US business community in China.
Mr Geithner is in Beijing for the annual US-China summit – an event that used to involve US lectures about open markets but since the financial crisis in 2008 has reflected a more balanced economic relationship.
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