The U.S. and China launched formal economic talks Wednesday, with U.S. Treasury Secretary Jacob Lew arguing that exchange rate liberalization and other proposed measures were in China’s interest and Chinese Vice Premier Wang Yang calling for balance.
“If we move too fast, we will be tripped by the demons of details,” Mr. Wang said in an afternoon session of the annual Strategic & Economic Dialogue in Beijing. “But if we move too slow, reform will be affected.”
“The U.S. is stepping up the pressure” on currency and other issues, Mr. Wang said, but China is seeking to find “balance.”
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