New | China presidential top aide’s phone call with US Treasury Secretary sheds light on Xi Jinping’s plans
Experts say Liu He’s chat with Washington’s Jacob Lew suggests President Xi Jinping may take a more hands-on role in China’s economic affairs
The top aide of China’s President Xi Jinping chatted on the phone with US Treasury Secretary Jacob Lew over China’s exchange rate policies, Chinese and US media reported on Monday.
Few details were released on Liu He’s conversation with Lew, but observers said the chat might indicate that Xi would become more hands-on in China’s economic affairs.
READ MORE: Harvard-alumni Liu He new vice chair of NDRC
Vice-premier Wang Yang used to perform the role of speaking to Lew to keep each other abreast on their respective countries’ economic and policy issues. Wang spoke to Lew on the phone in August, September, November and December last year, Xinhua reported. He has also represented China as Lew’s counterpart in the China-US Strategic and Economic Dialogue over the last three years.
But China’s 21st Century Business Herald reported that Liu had a phone conversation with Lew on Monday. Bloomberg, citing an emailed statement by the US Treasury Department, reported that the two discussed “the importance of China clearly communicating its policies and actions to the market” as Beijing reforms its yuan regime. Financial Times also reported the chat.
It is not clear which side initiated the phone call.
The US Treasury Department, in a reply to an email inquiry from the South China Morning Post, said the two discussed the importance of China clearly communicating its policies and actions to the market as it made an orderly transition to a market-determined exchange rate.
"[Lew and Liu] also discussed the status of economic reform in China, and Lew reiterated the importance of China supporting household income and rebalancing towards consumption-led growth, including through appropriate fiscal policies," the department said.
