US seeks level playing field for its cos in China

A day after the US dragged China to the World Trade Organisation, Treasury Secretary Timothy Geithner is slated to brief two key congressional committees later on Thursday on how the Obama administration plans to make Beijing provide a more-level playing field to American firms.

The US wants China to make changes to its current economic policies, such as a market-determined exchange rate for the yuan (also known as the renminbi) instead of a managed exchange rate, among other things. Geithner is scheduled to testify before two congressional committees on the US-China economic relationship.

The Treasury Department said Geithner, during his interaction with US lawmakers, will discuss the Obama administration's focus on three core objectives with respect to its economic relationship with China.

The US is encouraging China to change its growth model to rely more on domestic demand and less on exports.

It is also pushing China to move towards a market- determined exchange rate, in order to level the playing field for American workers and businesses to trade and compete with China.

Geithner will also discuss the administration's comprehensive, proactive strategy, including direct engagement by US President Barack Obama and senior administration officials with China's leaders, the aggressive use of trade remedies and intense engagement through the US-China Strategic & Economic Dialogue, the G-20 and the International Monetary Fund.