Chinese Vice-Premier Wang Yang said the country needed to find a balance in its financial reforms, despite the US calls that it step up its exchange-rate reform at the annual economic and strategic talks between the two nations.
"The US has been stepping up the pressure on our currency reform and also calling on greater access for US companies," Wang said at a meeting with US Treasury Secretary Jacob Lew during the Strategic and Economic Dialogue in Beijing yesterday.
"If we move too fast [on financial reforms] we could be tripped by the demons of details," Wang said. "However, China's reform progress will be affected if the steps are [too] slow."
Wang said the right timing and speed were needed during the financial reform process, along with a reasonable balance.
China's exchange-rate policy has been a constant issue during high-level talks with the US, with Washington arguing that the yuan is undervalued.
Speaking at the opening ceremony of the two-day Strategic and Economic Dialogue, Lew said the US supported China's efforts to allow market forces to play a more decisive role.
"Moving to a market-determined exchange rate will be a crucial step," he said.
Lew also said that preservation of an open market and protection of intellectual property were shared interests. He called for a level playing field for US companies in global trade.
China had been undertaking major economic reforms and a fundamental shift in economic polices, Lew said.
"China's growth path that is consistent with international rules and norms will contribute to the strong, sustainable, balanced growth of the global economy," he said.
Assistant Commerce Minister Zhang Xiangchen said on the sidelines of the talks that the US and China had made progress in the negotiations for a bilateral investment treaty, and that some consensus had been reached.
Negotiations would proceed on the so-called negative list of what items were to be included in the deal, he said, adding that the next round of talks on the treaty would be held in Washington from July 28 to August 1.