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 Remarks of Secretary Lew Before Meeting with Chinese Premier Li Keqiang

BEIJING – Mr.  Premier, thank you for your hospitality.  President Obama sends his regards and looks forward to welcoming the Chinese delegation in the spring for the Nuclear Security Summit.
This is an especially important year for our bilateral economic relationship, as China hosts both the Strategic & Economic Dialogue and the G-20.
I congratulate you for the successful meetings in Shanghai over the weekend, which achieved important commitments from G-20 countries to use all policy levers to boost global demand and to consult on exchange rate policy and refrain from competitive devaluation.
As the world’s two largest economies, the United States and China have a mutual interest in each other’s prosperity.
China is undergoing an important and challenging economic transition, the success of which will depend on implementing reforms and fiscal policies that support household demand, reduce excess industrial capacity, and give the market the decisive role in allocating resources.
It is also critical that China continue to move toward a more market-determined exchange rate in an orderly manner.  And we support China’s commitments and efforts in these areas.
As we work together across a broad range of important issues, mechanisms like the S&ED are indispensable to sustaining a durable and constructive relationship.
I look forward to working with Vice Premier Wang to ensure the success of the last S&ED of this Administration.
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