China needs to speed progress towards a more open economy despite potential fallout from needed reforms, U.S. Treasury Secretary Jack Lew said on Wednesday.
The U.S. will urge China to accelerate progress towards a market economy at high-level talks scheduled between the two countries in July, he said.
Lew said he was confident Chinese officials understood the need to reduce the country’s reliance on exports, abandon controversial practices like managing the value of its currency, and encourage local consumption.
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Howard Schneider, Reuters via CHINA US Focus http://ift.tt/1qv2u5q
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