Terming China's economic policies as a "global concern", a powerful US Senator today asked the Obama Administration to work with key trading partners, including India, to meet the challenge.
"We must approach China's economic policies as a global concern, not just an American concern. China's currency misalignment, ineffective protection and enforcement of intellectual property rights, and industrial policies such as indigenous innovation hurt businesses around the world, not just US businesses," Senator Max Baucus, Chairman of the powerful Senate Finance Committee, said.
"We must work multilaterally with key trading partners such as the European Union, Korea and India to make it clear to China that the world is watching and is united in its concern. We must effectively address the concerns through key multilateral fora such as the G-8 and the G-20," he said in his remarks at a Congressional hearing on China.
Treasury Secretary Timothy Geithner testified before the Committee, wherein he too expressed concerns about China's economic policies, which he observed are hurting not only the US but also the global economy.