Locke Presses China to Open Its Markets
U.S. Commerce Secretary Gary Locke called Thursday for China to follow through on its pledges to open up its market to foreign firms, seeking to ensure that next week’s state visit by Chinese President Hu Jintao leads to lasting results.
Mr. Locke, maintaining the nonconfrontational tone struck the previous day by Treasury Secretary Timothy Geithner, said in prepared remarks to the U.S.-China Business Council that the two economic rivals would benefit by pursuing “cooperation over confrontation.”
But the commerce secretary warned that the huge trade gap between the U.S. and China, which widened to $25.63 billion in November, in a reversal of recent improvements, isn’t sustainable and could pose a threat to global stability and prosperity.