Former US treasury Secretary on China-US trade
Added On April 17, 2017
Former U.S. Secretary of the Treasury Jacob Lew said both China and the United States have the opportunity to do well if they further open investment and trade to each other.
Lew said China will benefit from increased U.S. investment in service sectors such as finance and insurance, while the U.S. could benefit from foreign direct investment from China, which helps create jobs.
He noted that it shouldn't be a zero-sum game.
On the U.S.-China trade deficit, Lew said the actual bilateral trade deficit number is not always the issue.
Meanwhile, Lew said the two countries should cooperate to address issues concerning excess capacity and the investment environment in the future.
With regard to the currency issue, Lew said that the Trump administration made an important decision based on facts and analysis not to designate China as a currency manipulator.