US Treasury Secretary Jack Lew presses China to open markets in Beijing talks

United States Treasury Secretary Jack Lew has pressed China to open its markets further by removing restrictions on technology transfers in talks with Chinese vice-premier Wang Yang.

“Promoting innovation and open markets is in our mutual interest,” Lew said before the meeting with Wang in Beijing on Monday. “We have already made clear our concerns regarding forced technology transfer and other attempts to bar technological competition, most recently in the banking sector, and I look forward to further discussion today.”

Lew said the discussion aimed to build a “trade and investment relationship that provides a level playing field and supports jobs and growth”. 

“In addition, it is critical that China continues to move to a more market-determined exchange rate and a more transparent exchange rate policy,” Lew said, according to a US Treasury Department press release.

Some analysts believed that Lew’s visit might have been arranged to discuss a possible US move to follow its allies in joining the China-led Asia Infrastructure Investment Bank (AIIB) bank, as the trip had been arranged in haste and came before the March 31 deadline for countries applying for founding membership to the bank.

US has not announced a decision on the matter, but analysts believed Lew would definitely discuss it when he mets Chinese leaders, including Chinese Premier Li Keqiang. Lew came to China on behalf of President Barack Obama. He will also meet Lou Jiwei, China’s finance minister and soon-to-be head of the AIIB.

Other items to be discussed inlcude President Xi Jinping’s visit to the US in September and the Sino-US Strategic and Economic Dialogue.