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(CEP News) - As global demand slows down and exports from developing nations fall, China should concentrate on reforming its domestic agenda and relying less on exports, said U.S. Treasury Secretary Henry Paulson on Tuesday.
The Treasury Secretary offered the comments as a preview to the Strategic Economic Dialogue he will be attending later this week in Beijing. "Now is an opportunity for China to take measures to ensure sustainable, strong and balanced economic growth for its future," Paulson said. Paulson said the appreciation of the Yuan over the past two years is significant, but China must continue its reforms rather than manipulate the currency to help exports in these troubled times. The Treasury Secretary praised the massive fiscal stimulus plan as well as a rural land reform plan announced in October, saying they were "important steps and we urge China to seize the opportunity to build on them." He called for bold leadership and improvements to the allocation of capital in the Chinese economy. By Patrick McGee,
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