Free Newsletters - Space - Defense - Environment - Energy - Solar - Nuclear
..
. Earth Science News .




POLITICAL ECONOMY
World economy needs action from China, EU: Geithner
by Staff Writers
Tokyo (AFP) Oct 13, 2012


US Treasury Secretary Timothy Geithner said Saturday the global economy was on the mend, but more needed to be done to stoke domestic demand in China and fix Europe's fiscal woes.

Geithner, in Tokyo for the annual meetings of the International Monetary Fund and the World Bank, said China needed to persuade its people to buy more and debt-wracked Europe needed to put into practice the decisions it has made to fix the continent's debt crisis.

"Although the world economy is expanding and progress has been made since the peak of the crisis, we still face a complicated mix of challenges to achieving stronger global economic growth," Geithner said.

"The nature of the challenges differs across countries and regions, but what is common to us all is the challenge of creating the conditions for stronger demand growth," he said.

He said there had been "some progress" in China's trade relationship with the US, but "domestic consumption still does not play a sufficient role in driving China's economy".

"Progress toward strengthening domestic demand will be good for China, and good for the global economy. In a rapidly changing world, it is crucial that we continue to modernise," Geithner added.

Washington has frequently complained that China's exports are disproportionate to what it imports. Critics say Beijing skews the relationship by keeping its currency artificially low.

However, Geithner on Saturday said China's yuan currency has appreciated "by about 11 percent in real terms against the dollar" without giving a timeline.

China's currency hit a record high against the US dollar on Friday, in what analysts said could be a response to US political pressure.

The unit touched an intraday high of nearly 6.2640 to the dollar, according to the China Foreign Exchange Trade System, marking the highest level since 1994 when the country launched its modern foreign exchange market.

On the domestic front, and less than a month out from the US presidential election, Geithner said things were looking up.

The US economy is "continuing to recover from the most severe financial crisis in several generations" and has made progress in addressing the causes of the financial crisis, he said.

"Private savings have increased; private debt has decreased; and the financial system is now much stronger," he said, but added: "our recovery, and the global recovery more broadly, face headwinds from Europe".

Geithner said the European Central Bank and the continent's governments were working on fixing the sovereign debt crisis, but urged concrete action.

"Europe is also making progress on outlining a road map toward banking union, which is a critical step to ensuring a sustainable long-term framework," he said, adding: "However, what is important is how it will be applied in practice."

Geithner said the United States was committed to reform of the governance of the IMF, despite the process having been stalled, largely because it has not passed through Congress. The United States is the IMF's largest shareholder.

Member countries agreed in 2010 to increase voting rights of emerging economies through redistribution of quotas and the number of board members.

If the reform is implemented, China will become the third largest stakeholder of the IMF after the United States and Japan in terms of quota shares. India and Brazil will rank 8th and 10th, respectively.

"Our objective is a formula that is simple and transparent, better reflects countries' weight in the global economy and would organically increase the voice of dynamic economies over time," he said.

.


Related Links
The Economy






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News





POLITICAL ECONOMY
Swiss seek Spain's support in EU spat
Madrid (UPI) Oct 11, 2012
Swiss Foreign Minister Didier Burkhalter this week sought support from Spain for his case in a dispute with the European Union over Bern's complex relationship with Brussels. Burkhalter met in Madrid Tuesday with Spanish Foreign Affairs Minister Jose Manuel Garcia-Margallo to explain Swiss resistance to key EU demands as the two sides seek to overhaul their relations. Burkhalter ... read more


POLITICAL ECONOMY
Planning can cut costs of disasters: World Bank

12 Chinese workers killed, 24 hurt in dormitory blaze

Far, far beyond wrist radios

World leaders meet on disaster management in Japan

POLITICAL ECONOMY
Swedish breakthrough in space on NASA satellite with electronics from AAC Microtec

US appeals court lifts ban on Samsung-Google phone

Focus on space debris: Envisat

Weizmann Institute Scientists observe quantum effects in cold chemistry

POLITICAL ECONOMY
Brazil activists, energy group to meet over Amazon dam

Freshwater Flows Into the Arctic and Southern Oceans Appear to Determine the Composition of Microbial Populations

Fisheries benefit from 400-year-old tradition

Brazil sets up special security force to protect Amazon

POLITICAL ECONOMY
Antarctic Sea Ice Reaches New Maximum Extent

Polarstern returns with new findings from the Central Arctic during the 2012 ice minimum

DRI scientist co-authors study outlining vast differences in polar ocean microbial communities

ESA satellites looking deeper into sea ice

POLITICAL ECONOMY
Struggling N. Ireland farmers get boost

Scientists Use New Method to Help Reduce Piglet Mortality

Unusual genetic structure confers major disease resistance trait in soybean

Unravelled mushroom genome offers many opportunities

POLITICAL ECONOMY
Japan's TEPCO admits downplaying tsunami risk

6.7 magnitude quake strikes off Indonesia's Papua

Floods kill 7 in Russian Caucasus: official

NASA's HS3 Mission Thoroughly Investigates Long-Lived Hurricane Nadine

POLITICAL ECONOMY
Thousands march in Mali to urge intervention against Islamists

Nigerian farmers sue Shell in Dutch case with global reach

Amnesty International calls on DRCongo to halt clashes in east

Nigerian army denies rampage, killing civilians after attack

POLITICAL ECONOMY
UN report warns of possible rise in child marriages

Chimps said attacking humans in Africa

New human neurons from adult cells right there in the brain

Dating encounters between modern humans and Neandertals




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement