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Geithner to China: Your Assets Are Safe

Treasury secretary seeks to reassure China about growing US deficit

By Jason Farago,  Newser Staff

Posted Jun 1, 2009 8:41 AM CDT
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(Newser) – Tim Geithner began his trip to China with a speech at Peking University, where the Treasury secretary said that once the current recession and financial crisis are over, the administration will bring down soaring fiscal deficits. But students at the college where Geithner himself once studied peppered him with tough questions about the fate of their country's US Treasury investments. "Chinese financial assets are safe," he insisted.

Geithner is seeking to reassure China, the US's biggest creditor, that the Obama administration is committed to attacking the nation's rapidly climbing debt. After speaking at Peking he held talks with Chinese officials, during which he offered lavish praise for the country's economic progress and de-emphasized past disputes—in particular, the American claim that China has kept its currency undervalued.

Tim Geithner shows a photo of himself while studying at Peking University years ago to his former teacher Bo Min, left, in Beijing, China, Monday, June 1, 2009.
Tim Geithner shows a photo of himself while studying at Peking University years ago to his former teacher Bo Min, left, in Beijing, China, Monday, June 1, 2009.   (Andy Wong)
Geithner said that the global recession seemed to be losing force but that it will be critical for the US and China to institute major economic reforms to put the world on a more sustained footing.
Geithner said that the global recession seemed to be losing force but that it will be critical for the US and China to institute major economic reforms to put the world on a more sustained footing.   (AP Photo/Andy Wong, Pool)
Tim Geithner, left, walks with Chinese Vice Premier Wang Qishan for a meeting at the Great Hall of the People in Beijing, China, Monday, June 1, 2009.
Tim Geithner, left, walks with Chinese Vice Premier Wang Qishan for a meeting at the Great Hall of the People in Beijing, China, Monday, June 1, 2009.   (AP Photo/Andy Wong, Pool)
Tim Geithner arrives for his speech at the National School of Development in Beijing, China, Monday, June 1, 2009.
Tim Geithner arrives for his speech at the National School of Development in Beijing, China, Monday, June 1, 2009.   (Andy Wong)
Geithner faced questions from students at Peking University about the security of Chinese-held US debt.
Geithner faced questions from students at Peking University about the security of Chinese-held US debt.   (Andy Wong)
Tim Geithner, center, is accompanied by unidentified Chinese officials upon arrival at the National School of Development of Peking University in Beijing, China, Monday, June 1, 2009.
Tim Geithner, center, is accompanied by unidentified Chinese officials upon arrival at the National School of Development of Peking University in Beijing, China, Monday, June 1, 2009.   (Andy Wong)
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COMMENTS
Showing 3 of 3 comments
Newser001
Jun 2, 2009 4:47 AM CDT
I'm sure that makes China feel a whole lot better, Geithner!??
cfbailey
Jun 1, 2009 5:31 AM CDT
China could care less what he says...They look at the bottom line. I am sure they have a minimum of 5 million economists looking into the issue.....I wounder if they take him to KTV when he visits Beijing
ClingingToHope
Jun 1, 2009 1:48 AM CDT
Yeah. And his taxes are paid.

Demand for dollar, Treasuries as high as ever
Bloomberg

Politics • Money • World

 
China • US-China trade deficit • Beijing • deficit • national debt • Treasury secretary • financial crisis • Timothy Geithner

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