图片新闻【615】中美首次战略经济对话

US Treasury Secretary Henry Paulson gives a speech in New York, November 2006. Paulson has arrived for crucial talks in Beijing at the head of the most high-profile US trade delegation to visit China in recent years.(AFP/File/Stan Honda)

Words and Phrases:

treasury n.财政部, 国库

crucial adj.至关紧要的

high profile adj.引人注目的 n. 高端人物

Reference Reading:

US economic chiefs arrive in China for crucial talks

BEIJING (AFP) - US Treasury Secretary Henry Paulson has arrived for crunch talks in Beijing at the head of the most high-profile US trade delegation to visit China in recent years.

A full one-third of the 15 US cabinet secretaries are to hold two days of talks with Chinese leaders designed to soothe trade tensions between the two nations.

The US economic chiefs are under intense pressure to win concessions during the "strategic dialogue," proposed by Paulson as part of an effort to engage rather than threaten China.

They flew out of the United States just as another set of figures came out adding to the chorus of anger and unease in Washington over China's increasing power in world trade.

Data published Tuesday showed that the US trade deficit with China grew 6.1 percent to a record 24.4 billion dollars in October, representing 41 percent of the total US gap of 58.9 billion dollars for the month.

The figures also showed China had surpassed Mexico as the United States' second-largest trading partner behind Canada.

Economists predicted the United States' full-year trade deficit with China could soar to 240 billion dollars, up from the record of 202 billion dollars last year.

The numbers give more ammunition to US charges that China deliberately undervalues its currency, the yuan, to help boost its exports, an issue that Paulson and his entourage have flagged will be a top priority this week.

With the Democrats set to retake control of Congress next month, the US administration is under pressure in Washington to get tough with China on the currency and other trade issues, such as copyright piracy.

Paulson, who has had years of experience dealing with China through his former career heading Goldman Sachs, unveiled the dialogue initiative in September as an opportunity for regular communication with China.

But he also used some tough rhetoric ahead of his trip, warning that China's economic reforms had not kept pace with its rising influence on world markets, and singled out China's controls on the yuan.

"It might be easier for (China) to say 'we're in transition, give us more time,' but they're a global economic leader and the rest of the world isn't going to give them a lot more time," Paulson said.

Paulson also said that economic relations between the two countries had reached a "pivotal moment".

On Monday, the office of US Trade Representative Susan Schwab, another delegation member, issued a strident report accusing China of failing to honor promises it made when it joined the World Trade Organization in 2001.

It said the United States would sue China at the WTO if it did not address concerns over rampant violations of US intellectual property theft and policies that protect Chinese industries while hindering US firms in China's market.

Schwab vowed to press such issues in Beijing.

Chinese officials have promised a "positive" response to the United States.

The US officials will hold talks with Vice Premier Wu Yi and other senior Chinese officials, while also having an audience with President Hu Jintao and Premier Wen Jiabao.

However, comments by a foreign ministry spokesman on Tuesday indicated major concessions by China were unlikely in the meetings.

"We have fulfilled our obligations and commitments earnestly and have abided by the rules of the World Trade Organization," he said.

China regularly notes that it has come far in reforming a once centrally controlled economy but insists it should be given more time as a developing country.