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US and China display united economic stance

The US and China sought to present a common front on Tuesday on economic co-operation but remained at odds over climate change at the end of two days of top-level consultations that highlighted Beijing’s growing confidence and assertiveness. While both sides hailed the importance of consulting with each other – and confirmed that President Barack Obama would visit China later this year, the meeting failed to produce any extensive new agreements. The US and China are perhaps the world’s main champions of fiscal stimulus and Beijing is broadly sympathetic to Washington’s call, reiterated on Tuesday by Tim Geithner, Treasury secretary, for China to increase its domestic consumption and decrease its reliance on exports.  “Co-operation between China and the US will remain vital not only to the well being of our two nations but also the health of the global economy,” said Mr Geithner, stressing the two countries’ agreement “to undertake policies to bring about sustainable, balanced global growth once economic recovery is firmly in place.”