久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

left corner left corner
China Daily Website

VIDEO

US committed to less deficit

Updated: 2009-06-03 15:29
()

Chinadaily: I’m with China Daily; it’s a great honor to talk with you. Actually, I have a lot of questions want to ask you, but due to the time constraint, I think I will just ask one or two questions. I think the 1st question is about China’s foreign exchange reserves. The Chinese public is actually worried about the safety of their money, so I’m wondering what you’re going to say to the Chinese public to assure them that their money is safe.

Geithner: Thank you for asking me that question; it’s a very important issue. Let me just begin by saying that we came into the beginning of this year with the world in an exceptional financial crisis. And just like your government has acted very, very forcefully to address this crisis, in the United States we have moved…the President has moved early….to put in place a very strong program of tax incentives, temporary investments, support for the financial system to help lay a foundation for recovery and growth. And that has required that we temporarily increase the size of our budget…like has happened in China as well and countries around the world because that is the only way for the US and the world to get through this crisis.

Now, it’s very important to us and I will say to China as I say to all American investors, that you understand that as we lay a foundation for recovery, as we come out of this crisis, we are going to move very quickly to bring our fiscal deficits down to a sustainable level. We have a strong independent federal reserve that is committed to keep inflation low and stable over time. We’re going to…as soon as we lay a foundation for recovery we’re going to bring down, unwind, reverse these exceptional measures we’ve taken in the financial sector to repair the system, make sure credit is flowing again. We are going to do everything we need to do to make sure we sustain confidence in the United States and around the world in the strength and civility of our economy and financial system. I want to underscore that we have a very resilient, very dynamic economy in the United States and I am very confident that we have the ability to get through this, working closely with China and other countries around the world, to resolve this crisis.

Chinadaily: I fully appreciate the efforts made by US government. But we still have questions. Firstly, we know you are suffering from very larger budget deficit, your government is going to sell 3.8 trillion (dollars) bonds, we are wondering if there is enough demand for these bonds. If not, do you think there is any trouble?

Geithner: I believe there will be and I think you can be confident and I think that investors can be confident that we will do what’s necessary not just to fix this crisis but to lay a foundation for fiscal sustainability over time. Just as an example, you see right now the President of the United States, even with all our challenges, working very closely with the Congress on a comprehensive program of health care reforms that will help lay a foundation for reducing growth and health care costs, bring down our long term deficits. So we are very committed to do this, and I’m completely confident we’ll be successful in doing it.

Chinadaily: I believe your sincerity, but you know there are lots of technical details. Actually, previously I just wanted to ask you about these technical details.

Geithner: But…this is not a technical question. This is what governments have to do.

Chinadaily: Yes, but what you have to do and whether you can do are different. For example, during the (past)Asian financial crisis, the Japanese economy was in trouble. And it was suffering from some fiscal problems. At that time, I talked with some Japanese government officials. They assured me that they would reduce their budget deficit and reduce the ratio of debt over GDP ratio gradually and smoothly and so on. But after ten years, now they have a debt over GDP ratio something like 200%. So it’s easily said than done.

Geithner: I agree…but…we don’t say it lightly, okay? And you watch what we do, okay? And you watch what the President said. Early in his term, as we put in place this strong…of recovery, he made it clear at that point that we would bring our deficits down to a level that is sustainable and we are absolutely committed to doing it, and I am completely confident we’ll be able to do it. If you listen carefully to the US political debate in the United States now, you will see there is much broader support for a fiscal sustainability than I think there has been over the last eight years or so and that’s a beginning. But of course, you’re going to want to watch what we do.

Chinadaily: We will be watching you very carefully.

Geithner: Of course….and just as we’ll watch very carefully what you do in China. But again, look at what your government is doing, and your government’s doing what it needs to do also which is in the face of an enormously challenging crisis globally, a huge reduction in external demand. Your government is acting very forcefully to help address this crisis. And if you look at what we’re doing together, it’s been enormously important in laying a foundation for stability, the basis for recovery. These are necessary steps and they will make it possible for us when growth is established to get back to a more sustainable path.

But there’s no alternative right now. Again, the basic lesson of the financial crisis is you need to act…to slow the pace…to lay a foundation for recovery and growth if you’re going to be able to reduce the damage to long term fiscal positions. So, if we had not acted aggressively, our deficits would have been higher in the future. You would have seen more damage to the productive capacity of the American economy, more damage to our revenue base. So this is the fiscally conservative policy strategy is to address the crisis and bring those deficits down over time.

Chinadaily: I agree these…and I just worry about the details. And also I want to point out one fact that China’s situation is quite different from your situation…

Geithner: Very different, I agree.

Chinadaily:…Because we have very good fiscal position. You do not.

Chinadaily: China’s debt over GDP ratio is 18%, and budget deficit is very small.

Geithner: That’s right. And you have a very high savings rate…you do.

Chinadaily: yes, we have a very high savings rate. So we have tremendous policy room, so that we can use expansive fiscal policy.

Geithner: But so do we…but so do we. But again the important thing…the important thing is that in a crisis like this you have to what is necessary. And I think…you raised Japan…so if you contrast what the United States is doing in this crisis relative to what many countries have down in past crises, I think you can see that we are acting on the basis of the lessons and experiences of those cases. And I think again the basic lesson from that experience is the conservative approach, the fiscally responsible approach requires in the near term temporary measures to make sure you are fixing broken financial systems…that’s what we’re doing and it’s the necessary path to fiscal sustainability.

Chinadaily: I have great sympathy with you, because I think you are in more difficult position than the financial minister of the People’s Republic of China.

Geithner: I’m not sure about that, you know China…China has, you know, gone through this enormous economic transformation. China is still developing countries. You have many challenges ahead but I have enormous respect and admiration for what your leadership has already accomplished and for the commitments we made to bring better reforms here.

Chinadaily: I have another question about Federal Reserve. Perhaps I should not ask you this question, I should address this question to Professor Bernanke. Currently Federal Reserve are using very expansive monetary policy, and the growth rate of broad money is something like 15%, and the excessive reserve has increased from 3 billion to something like 800 billion, that is a tremendous increase, of course at this moment of crisis management, perhaps it’s OK but when the US economy turn around, when risk appetite increases, then people will stop hoarding and spend their money. Therefore, potentially, inflation threat is very serious

My question is that is there any viable way for the Federal Reserve to withdraw excessive liquidity in a timely fashion, when the moment comes.

Geithner: Absolutely. I am the secretary of the treasury, not the chairman of the Fed. I do not comment on the action of the Federal Reserve. But I have experience. So let me say a few things.

We have a very strong independent central bank. Their obligation under the law is to achieve maximum sustainable growth and price stability. Their responsibility is to keep inflation low and stable over time. I’m completely confident in their ability to do that, and completely confident they will have the ability not just the will to bring down this exceptional growth in their balance sheet overtime as soon as those actions have served their purpose.

Now, just as an example, if you look carefully at what’s happened already to the exceptional financing programs they have put in place, they have started to come down as conditions in the financial system have normalized. They were designed to have that basic self-liquidating capacity, and that process have already started. But I am completely confident as can you be, that the central bank of the United States will be able to bring these down and to keep inflation low and stable over time. And I hope you have a chance to talk directly to the leadership of the Federal Reserve about that challenge.

Chinadaily: because of the time constraint, I just want to say that I’ m still not very much convinced and I am not alone. Actually, many American economists have pointed out these dangers. How you can timely withdraw excess liquidity is a big challenge for you, …no, for the Fed, more precisely.

Geithner: No one is more focused on that than the chairman of the Federal Reserve. And he has done an enormously impressive job in the worst financial crisis in decades. Working with central banks,not just in China but around the world, and making sure that markets have liquidity, that monetary policies are appropriately expansive. And I think that has been critical to helping stabilize this crisis. But I am completely confidence as should you be, that he will have not just the will but the ability to bring this down so that we achieve the obligation to keep the inflation low and stable in the United States going forward.

Chinadaily: I still wish we can see the details. What are the instruments you are going to use and what is the sequence of these policies. Devil is in the details.

Geithner: You’ll have a chance to see, but again, this is completely within their capacity to do and they’re going to do it.

 
...
久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

    91视频这里只有精品| 国产男女免费视频| 日韩成人三级视频| 激情综合网婷婷| 国产一二三四五| 午夜国产一区二区三区| av网站手机在线观看| 欧美激情国内自拍| 岳毛多又紧做起爽| 免费在线看黄色片| 青青草原播放器| 久久久久久三级| 国产精品av免费| 日本xxxxxxx免费视频| 青青青在线观看视频| 久久综合在线观看| 一区二区三区国产免费| 欧美一级视频免费看| 婷婷视频在线播放| 911福利视频| 黑森林精品导航| 欧洲av无码放荡人妇网站| 免费高清一区二区三区| 特级毛片在线免费观看| 亚洲36d大奶网| 无码日韩人妻精品久久蜜桃| 少妇高潮毛片色欲ava片| 超碰10000| 亚洲在线观看网站| 亚洲美女性囗交| 亚洲人成无码www久久久| 男人添女人荫蒂免费视频| 蜜桃网站在线观看| av电影一区二区三区| 91视频福利网| 91大神免费观看| 亚洲免费成人在线视频| 国产又黄又猛的视频| 我要看一级黄色大片| 9久久婷婷国产综合精品性色 | 久久久国产欧美| 男人透女人免费视频| av7777777| 欧美a在线视频| 亚洲精品无码久久久久久| 国产成人精品视频免费看| 欧美三级在线观看视频| 天堂8在线天堂资源bt| 在线观看免费的av| 久久撸在线视频| 国产原创精品在线| av网站在线不卡| 亚洲欧美日韩三级| 一级网站在线观看| 秋霞在线一区二区| bt天堂新版中文在线地址| 美女扒开大腿让男人桶| 日本十八禁视频无遮挡| 无码人妻丰满熟妇区毛片18| 国产视频在线视频| 五月天视频在线观看| 免费观看黄色大片| 日本aa在线观看| 看av免费毛片手机播放| 91蝌蚪视频在线观看| 国产精品自在自线| 国产又爽又黄ai换脸| 亚洲理论电影在线观看| 人人妻人人添人人爽欧美一区| 国产精品沙发午睡系列| 日韩av一二三四| 亚洲男人天堂2021| 日韩精品在线视频免费观看| 乱妇乱女熟妇熟女网站| 爆乳熟妇一区二区三区霸乳| 天天综合成人网| 国产aaa免费视频| 成人一级片网站| 在线观看av免费观看| h无码动漫在线观看| 国产日韩成人内射视频 | 成年人深夜视频| 免费成人在线视频网站| 欧美激情亚洲天堂| 亚洲欧洲日产国码无码久久99| 亚洲第一中文av| 99热都是精品| 日韩亚洲在线视频| 干日本少妇视频| 精品视频无码一区二区三区| 在线免费观看av网| 日韩免费视频播放| 国产免费中文字幕| 成人在线免费观看av| 999这里有精品| 国产午夜福利100集发布| 最新免费av网址| 国产精品va无码一区二区| 毛片毛片毛片毛片毛| 成年人免费在线播放| 91大神免费观看| 激情网站五月天| 黄色三级中文字幕| 污视频网址在线观看| 免费在线观看亚洲视频| 三级黄色片播放| 中文字幕第80页| 国产精品久久..4399| 亚洲av无日韩毛片久久| 黄色国产精品视频| www污在线观看| 色婷婷综合在线观看| 久久久精品三级| 日本精品久久久久久久久久| 女人高潮一级片| av免费中文字幕| 国产va亚洲va在线va| 黄色三级视频在线播放| 亚洲福利精品视频| 国产a级片网站| 男人天堂成人网| 99国产精品久久久久久| 欧美 激情 在线| 精品少妇人妻av免费久久洗澡| 欧美 另类 交| 中文久久久久久| 丁香啪啪综合成人亚洲| 免费av手机在线观看| 日本a级片在线播放| 黄瓜视频免费观看在线观看www| 亚洲一级片免费| 波多野结衣家庭教师视频| 欧美乱大交xxxxx潮喷l头像| mm131午夜| 国产日本欧美在线| 国模私拍视频在线观看| 日本999视频| 成年人免费大片| 欧美韩国日本在线| 成人免费毛片网| 免费看日本毛片| 欧美大黑帍在线播放| 2021国产视频| 欧美大片久久久| 国产精品一区二区小说| 成人免费视频久久| 成人小视频在线看| 欧美视频第一区| 北条麻妃69av| 欧美 日韩精品| 日本日本19xxxⅹhd乱影响| 中文字幕精品在线播放| 亚洲成人手机在线观看| 手机免费av片| 国产又爽又黄ai换脸| 亚洲天堂国产视频| 男生操女生视频在线观看| 中日韩av在线播放| 欧美一级xxxx| 超碰成人在线免费观看| 国产日韩视频在线播放| 午夜探花在线观看| 少妇久久久久久被弄到高潮| 欧美性受xxxx黒人xyx性爽| 久久精品国产精品亚洲精品色| 欧美精品一区二区性色a+v| 国产精品乱码久久久久| 国产精品视频网站在线观看| 波多野结衣 作品| 污污视频网站在线| 999在线免费视频| 亚欧激情乱码久久久久久久久| 日韩av在线第一页| 免费无码毛片一区二三区| 人妻熟女一二三区夜夜爱| 成年人小视频网站| 欧美一级小视频| 久久久久久久香蕉| 狠狠干 狠狠操| 亚洲天堂av线| 久久久国产精华液999999| 日本女人高潮视频| 欧美在线一区视频| 狠狠热免费视频| gogogo免费高清日本写真| 久久亚洲精品无码va白人极品| 两根大肉大捧一进一出好爽视频| wwwxxx黄色片| 天堂在线中文在线| 菠萝蜜视频在线观看入口| 成人黄色av片| 九九热99视频| 97超碰在线人人| 日韩精品你懂的| 日韩一二区视频| 男人的天堂日韩| 97av中文字幕| 男操女免费网站| 日本五级黄色片| 成年网站在线播放|