Geithner: China to re-balance trade policy

China is cutting import tariffs and easing restrictions in an attempt to re-balance its trade policy, says US Treasury Secretary Timothy Geithner.

Geithner, in a testimony to the US Foreign Relations Committee, says China is making progress to re-balance its trade policy to boost domestic demand. The US has attacked Chinese trade policy in the past and has accused its government of keeping its currency value artificially low to boost foreign sales. "China understands they can no longer depend on demand from US consumption being such a substantial contributor to growth," says Geithner. "They have no alternative but to shift their growth strategy to one that relies more on domestic demand. They are moving in that direction but ...