<P> If not for half a year ago had never met in Istanbul, it is difficult to push the door comes with the high position of the U.S. Treasury Secretary Geithner link immediately. .</ P> <P> young, lean, casual, walking hurriedly, Geithner may be overlooked in the crowd. .However, Timothy Geithner (Timothy F. Geithner) has served as the 75th United States Secretary of the Treasury for 18 months. .As the economic recovery as the top priority in the Obama administration, Geithner is undoubtedly the first assistant president. .</ P> <P> 5 25 evening, the second Sino-US strategic economic dialogue (S & ED) in Beijing ended, we at the Grand Hyatt Beijing hotel in a VIP room, on the Gai Nate for .the interview. .</ P> <P> time is not comfortable, ask the subject a lot, we spent the opening direct questions, one after another, Geithner is soon to answer, Speed quickly, on Sino-US relations, about the euro crisis talks .U.S. regulators, about the "China model" of Greek and crisis, "a U.S. plot." .If completed, shaking hands, he got up and went away, colleagues, Mr Ip hurriedly rushed to the door, and then added the last question. .</ P> <P> interview with a serious, ambitious themes, but the opening interesting. .He restated the Chinese in 1981 in the North section of the University experience. .One day, wandering around in his Temple of Heaven, there came the Chinese people excited, and asked which country he came from? .</ P> <P> "I saw at the university dormitory near the paint during the Cultural Revolution slogan 'Death to America'. So hesitated for a moment, but finally told him I was from America. A result, he said, the Americans with .Chinese people like, very direct, open, honest, optimistic. "</ P> <P> in conversation, refer to" Death to America ", Geithner speak Chinese with a smile, after he saw our business card, saying" .wealth of new "sounds very accurate. .</ P> <P> his predecessor Henry Paulson began in mid-career "Chinese touch" is different from a student on Geithner acquaintance in China. .His father Peter Geithner has been overseas in the United States officials of international organizations, has worked 28 years at the Ford Foundation, and is the Foundation's first representative in China. .Follow the family, the small boy in Africa Geithner, secondary school in Asia, and early in 1983 before graduating from Dartmouth College in the United States, it has been twice to China to learn Chinese. .His undergraduate and graduate U.S. professional, are also of Asian Studies. .</ P> <P> However, early experience did not make into the American cause Geithner "China hand" track. .He graduated in 1985 after three years in the Kissinger firm, which joined the U.S. Treasury, then went through the Mexican crisis, Argentina's crisis, and later started in Thailand, Indonesia, increasing magnitude of the Asian financial crisis. .</ P> <P> their ability and experience, Geithner stairs in the Ministry of Finance, from the International Monetary and fiscal policy is responsible for the Assistant Minister for International Affairs, Senior Assistant Deputy Minister, and ultimately served in 1999 .Deputy Minister for International Affairs. .</ P> <P> in the work of the International Monetary Fund, after a brief, November 2003, the New York Fed President becomes vacant, he was appointed to this post, as the agency is not the only Wall Street history to the background of the family. .Geithner and crises always seem to become attached to, beginning in 2007, again in his office on the New York Federal Reserve, the U.S. financial crisis. .</ P> <P> then things will be for people to know it: Geithner and Fed Chairman Ben Bernanke, Treasury Secretary Henry Paulson when he became the most important U.S. financial crisis three economic policy makers. .January 26 last year, he replaced Henry Paulson, as Obama's finance minister. .Since then, the U.S. government bailout of financial institutions issued with the "Geithner Plan" in the name. .</ P> <P> United States, "Atlantic Monthly" recently published a lengthy feature article, Geithner said in every critical moment of his career, although not the first choice, eventually he will get the others that he is too young .So important is not necessarily qualified jobs, and then dried to the best. .</ P> <P> leave the interview site, Geithner went straight to the airport to fly to Europe. .There are another crisis, waiting for the 49-year-old U.S. Treasury. .</ P> <P> "China and the U.S. are in the relationship between government and market reform. This reform is extremely important and far-reaching" </ P> <P> "New Century": speech this morning in response to the Central Party School? .Your schedule is so tight, why go to the People's University High School for taking the time to play basketball with the students? .</ P> <P> Geithner: I went to high school students to play, is to draw attention to the arena's lighting system. .Stadium lighting RDFZ Iowa company from the United States. .The company produces energy-saving lamps, the rapid growth in China. .Not only to Boeing, General Electric, Dow Corning, or Caterpillar and other global companies, small businesses located in the hinterland of the United States can also benefit from contacts with China. .</ P> <P> the reason I went to Party is more simple. .I want senior Chinese officials here asked me about the U.S. economic and financial reform. .Do not know you were here or not, I will begin to talk about the United States in promoting innovation on the lessons learned. .I have listed a list containing ten lessons. .Of course, this is informal. .In summing up these lessons, we are experiencing heart of China's current challenges. .These lessons for Chinese officials should be very important. .</ P> <P> final speech, I told them a story. .Or when I studied in China, passing through a market near the Temple of Heaven, a man excitedly approached me and asked me from which country? .I was hesitant for a while. .You know, that was 1981, my dorm room at Beijing University, or you can see the paint of the "Cultural Revolution" slogan - Down with the United States. .</ P> <P> Finally, I told him I was from the United States. .He said it is pleased to see Americans, I hope I know, like the Americans with the Chinese, very direct, open, honest, optimistic. .We have in common. .This is a good story. .</ P> <P> the answer to you is not too long? .</ P> <P> "New Century": The Sino-US strategic economic dialogue, do not expect to achieve major? .The two sides there is any differences? .How to find a win-win? .</ P> <P> Geithner: You see, strategic and economic dialogue launched only a year, can say just started, but you listen to the tone of the dialogue, see the discussion topics range from financial reform to health care, from a technical policy .to exports, is really impressive. .I think the dialogue is extremely effective. .</ P> <P> U.S. companies in China, a large number of growth opportunities. .China, of course, the economic recovery from the United States to benefit. .Both came to the global stage, all with a strong will to go to the G20. .The worst of the crisis, when China and the U.S. on the need to take to have a clear consensus on strategy, the whole world to see this. .Sino-US joint response to the crisis is a very gratifying thing. .Strategic and Economic Dialogue is important, we will strive to enhance the mechanism, thereby strengthening the common interests and common challenges of understanding. .</ P> <P> Sino-US differences exist on some things, it is inevitable. .But as I said yesterday, and have been the two economies complement each other. .I know some Chinese fear that the success of the United States to China feel uncomfortable, but also benefit the United States, Americans worry about China the cost of damage. .But this is not our view. .Our view is: the two countries complement each other. .</ P> <P> In addition, the two countries are in the relationship between government and market reform. .This reform is extremely important and far-reaching. .I do not know the future of the mode of China is, but it certainly is changing. .</ P> <P> "New Century": After the crisis, the so-called Chinese model and you have a new American model of thinking? .</ P> <P> Geithner: It is clear that too much U.S. financial institutions to take the risk of serious mistakes, and now is trying to repair. .The Government is rapidly increasing the financial system and to promote regulatory reform program, which is already very close to reaching. .Obama's financial reform program, is committed to financial institutions to curb excessive risk, lower in the whole financial system leverage. .</ P> <P> hand, to provide financial support for innovation, the U.S. financial system is incredibly useful. .I say a classic example, Summers talk about the fact: you are a dropout student, in a garage come up with a new invention. .You do not tie, did not suit, but the invention can be carried out to finance the start of your career. .This is the advantage of the U.S. system, we will retain these advantages. .</ P> <P> the Chinese model will of course not the same. .Compared with the United States, China is very different stage of development, will also learn the lessons of the United States. .However, the U.S. model is still (resilient). .9,000 U.S. financial institutions, in addition to large financial institutions, there are a variety of small establishments. .This market structure is very resilient. .United States still has a very active capital markets, including the bond market, the stock market and asset securitization market to help companies raise capital. .There are other innovative ways of U.S. companies to hedge risk, to raise capital. .These are the advantages of the U.S. system. .</ P> <P> see the basic trajectory of global financial reform, and other countries to learn from the mistakes of the United States, but also replicate the strengths of the United States. .The strengths of the United States is always full of information disclosure, accounting standards very high, very strong systemic checks and balances, and strong investor protection. .</ P> <P> as you know, we made mistakes, but the U.S. advantage is to fix vulnerabilities. .</ P> <P> "New Century": whether you are worried about China's economic growth? .Over the past few decades, several emerging markets, the crisis occurred. .Some people believe that a shock under the emerging market crisis of the world will occur in China. .</ P> <P> Geithner: progressive liberalization of the financial reform and seek a balance between the Chinese leadership has a very sophisticated understanding of the challenges they have to show in the management of impressive skills. .</ P> <P> Sino-US dialogue, as you saw today, the U.S. major concern is that when China continues to promote innovation and technological development of their own, do not take an unfavorable or discriminatory practices in U.S. companies, .not just those who have business in China, U.S. companies, including those of U.S. companies exporting to China. .It is important to us. .It can not be resolved overnight, but we made great progress, China has made important policy adjustments, agreed to a set of non-discrimination principle, all parties agreed to work together to achieve in the next few months .progress. .</ P> <P> That is why I work in a speech at the Central Party School, the American model reflect on the advantages and disadvantages. .The fundamental question is: to promote innovation needs to encourage competition, protect intellectual property rights, need to provide incentives for the financial system, need to allow new market entrants, need to let interest rates and exchange rates, price momentum. .</ P> <P> presentation on the Background to the Central Party School, the same secondary school students with American playing arena lighting system, Geithner highlighted the "humanistic" purposes - the coming years is expected to touch on the international stage .Chinese leaders, contact the most promising group of young people. .</ P> <P> Geithner introduce students to the Central Party School, the success of the U.S. experience and lessons, including: innovation and intellectual property protection; is open to competition, regardless of the competition from domestic or foreign; new entrants to the market .open, including small companies; the highest efficiency savings into productive investment and the most promising innovations; education system to encourage creativity and challenge will; massive government investment in basic research, society is a tolerance for failure; through the market, the price .signal, interest rates, capital prices, exchange rates, including a series of measures to encourage innovation; balance vested interests to prevent its control of the structure of regulatory and incentive mechanisms. .</ P> <P> Geithner in an interview, the Chinese American Chamber of Commerce Mengke Wen (Christian Murck) told correspondents, the latter in China and American companies doing business in China environmental concerns on the "list" has the following description: .government procurement, technology transfer requirements, a certain industry, the sustainability of foreign investment restrictions. .US-China Business Council President Frisbie (John Frisbie) also pointed out to us, the use of non-discriminatory tax incentives and R & D support programs, rather than through government procurement projects and give priority to procurement to promote innovation, and is generally followed the guidelines of the international community .. .</ P> <P> believe Geithner School students in the American experience, while providing indirectly convey the views of the U.S. business community. .From 7,000 billion bailout plan launched to become the turning point of the big banks "stress test" involved in these actions or Geithner person, or direct leadership, currently the U.S. economic situation is better than Europe. .On the banks of the "stress test" is its signature move. .90s in the last century, as a normal U.S. Treasury officials Geithner, had recommended that its Japanese counterpart on the Bank of Japan to "stress test." .</ P> <P> April of this year, the magazine interview had Geithner's predecessors, the Bush administration's Treasury Secretary Henry Paulson. .Paulson said that Chinese Vice Premier Wang Qishan told him that in a crisis, "Our 'teacher' is in trouble." Paulson's response was, "sobering words." Obviously, from Obama .horse draw attention to "humble" and not with his Chinese counterparts Geithner contacts lost. .On the one hand, of course thanks to the rise of the potential of China, on the other hand, is Geithner understanding of Asia and China dictates. .Lecture at the Central Party School, Geithner specifically mentioned in his early 80s of last century in Beijing, two summer learning experience. .</ P> <P> Geithner seems perhaps to persuade rather than requirements, to promote China's reform is the real - whether the exchange rate formation mechanism reform is still on "independent innovation" - where the key method. .So, can there be Geithner on the RMB exchange rate reform "depends on China's choice" position. .</ P> <P> Geithner's comments in any of both wary of China. .He only said that the United States to avoid Chinese affairs, "find fault" is suspected. .</ P> <P> Geithner led the economic part of the dialogue made considerable achievements. .China's concern on the U.S. side had "independent innovation" provisions may result in discrimination against U.S. companies, the China's commitment to the WTO Government Procurement Committee in July before the meeting, to amend the proposal submitted to the Government Procurement Agreement, and the government procurement law on "national product" .Identification of the draft standards for public comment. .</ P> <P> "Greek sovereign debt crisis is finally what impact will depend on what policy makers in Europe" </ P> <P> "New Century": the Greek sovereign debt crisis, the crisis will not lead to the euro? .</ P> <P> Geithner: What impact this crisis eventually, depending on what European policy makers. .They have given a series of powerful measures for fiscal reform and financial assistance. .They restore fiscal sustainability through policy reforms to promote economic growth; by providing financial support for some countries to stabilize the financial system. .Market now want to see these measures are implemented. .I think that Europe would very quickly to implement these plans. .</ P> <P> "New Century": Some people believe that the U.S. banking crisis escalated the euro played a role in fueling. .Some people even mentioned that this is a U.S. plot. .How do you see? .</ P> <P> Geithner: There is no basis for this view, just trying to focus on to distract from the fundamental issue. .The current US-European cooperation is very close. .The ongoing U.S. financial regulatory reform legislation, during which the U.S. and Europe have very close consultation, for example, discuss how to put derivatives under the sun, making it more open and transparent. .On these issues, U.S. and European point of view is very close. .Of course, we will not support the kind of unilateral action taken by Germany last week (referring to Germany's unilateral ban "naked short selling" euro-zone government bonds, stocks and financial institutions in Germany CDS). .From a historical point of view, neither the effect of these practices, will dampen confidence. .</ P> <P> Background Review "If you have a rocket launcher, and everyone knows you have, you probably do not have to use it." When the fall of 2008, urge Congress to approve the "two rooms" of the relief, the United States before the fiscal .Long Paulson said. .</ P> <P> This does not apply to the subsequent financial crisis in the United States, does not apply to the current debt crisis in Europe. .May 10, the European Commission announced a total of up to 750 billion euros in financial stability plan. .So far, time has passed half a month, but investors are still pessimistic about the euro zone economy, the euro index fell to a low of nearly four years. .750 billion euros of the "rocket", in the end tube does not work, no one at the end. .</ P> <P> when Geithner over Sino-US strategic economic dialogue, in the May 26 meeting in London the new British Finance Minister Osborne, his advice is: "The basic lesson of the financial crisis is that .You have to quickly respond effectively. "</ P> <P> in Geithner view, the EU's financial stability program already has the necessary" elements ", but" the market want to see is action. " .</ P> <P> 7500 亿 欧元 rescue package since the announcement, the European Central Bank branch just started to make their purchase of Greek bonds. .The rescue plan worth up to 440 billion euros in the "special purpose vehicle" (SPV), in the end how to use, is in dispute. .The use of the rescue plan, apply for loans from what the conditions, the interest rate is the number, nor below. .Therefore, whether the rescue plan to prevent the spread of European sovereign debt crisis, investors have doubts about. .</ P> <P> even if all this is your answer, the current round of a sovereign debt crisis of the euro-zone countries, whether it can successfully tighten fiscal expenditure will remain huge questions. .750 billion euros of the "rocket", does enough to help tide over the temporary difficulties of Greece, but the demonstrators on the streets of Athens that structural adjustment should be much more difficult. .</ P> <P> "conspiracy theory" not only in China market. .May 8, at a meeting to discuss aid Greece, Euro group president, Juncker of Luxembourg will be the euro's continuous decline attributed to "the world of organized attack." .However, according to the latest Bank for International Settlements, the global foreign exchange market daily trading volume totaled 3.2 trillion, more than one third of euro transactions. .The euro after all, not baht, such a large market, so speculators to manipulate the shares of the hands? .</ P> <P> the seeds of the euro issue, the first day of its birth had been planted. .Single monetary policy under the euro-zone countries covered, with independent financial powers and taxation rights. .The sovereign debt crisis of the protagonist, although a substantial decline in competitiveness, but in the single currency in vivo, can still enjoy the low exchange rate volatility and low financing costs, and thus live on credit. .The District failed to strictly punish the EU mechanism to "free ride" given the green light, this is the sovereign debt crisis dragged down by the euro, the main cause of falling. .</ P> <P> "build a system to ensure that the agencies 'failure' (failure, bankruptcy) under pressure when there is enough" </ P> <P> "New Century": Are you from the financial crisis .learned anything? .</ P> <P> Geithner: The most basic lesson is that, if allowed to accumulate risk in the financial system, (regulator) was not any early intervention to control risk, the financial system without a toughness, can not absorb the impact of the words ., the loss could be catastrophic. .A related lesson is the time when the crisis began to spread, it is necessary to take prompt remedial measures to overwhelming financial, to control the panic. .This is crucial. .</ P> <P> This is the classic lesson of all financial crises: the core must be in the financial markets, control the scale of leverage and risk, to ensure a stronger impact on the buffer layer, a thicker capital scale, a more conservative financing. .However, when an error has been cast, the world faces a huge crisis, the government must quickly and forcefully to take action. .</ P> <P> I think that China and the United States to take prompt action to have similar views. .I would like to stress the importance of early to take all necessary means to solve the problem, the only way to faster, more cost-effectively solve the problem. .Conversely, if taken tentative, escalating measures, it is impossible to achieve this effect. .I think this is from all the history of the financial crisis reached the most basic experience, but also guide us when we took the work of the creed. .Barack Obama after the presidential inauguration, to be taken quickly and decisively once the most powerful, most comprehensive measures to resolve the crisis. .</ P> <P> "New Century": Do you think the current U.S. financial reform can effectively prevent financial institutions "too big to fail" it? .</ P> <P> Geithner: In the current national financial reform measures, the U.S. financial reform program is to control risk, to ensure that "failed" the best policy framework for control system. .In the future there will be crisis. .Measures taken now is to build a system to ensure that, in the agency "failed" (closure, bankruptcy) is sufficient under pressure. .</ P> <P> We need to stability, resilience and innovation, competition to find a balance between. .Past imbalances, the crisis has only so much destructive power, financial reform, the basic strategy is to build a more resilient system, the impact of a thicker buffer layer. .This institution made a mistake in the future, or facing down the global economy or recession, the financial system to withstand the pressure, absorption loss, the government also allows enterprises to shut down without having to worry about a shock to the global real economy. .</ P> <P> I think this will be the basis of the global financial regulatory agreement, which is consistent with the principles and the G20. .</ P> <P> "New Century": the financial crisis, protectionism in some countries. .Governments should be how to maintain an open and cooperative? .</ P> <P> Geithner: comparison of the last century 30's, 70's and 80's and even post-crisis situation, this crisis is much smaller degree of protectionism. .This crisis is an important feature, is that countries have long pledged to maintain open markets and oppose protectionism. .This is very important for market confidence is also helpful. .</ P> <P> on the Background to "rapid, strong measures" in the implementation of it, it easier said than done, whether government assistance to how powerful, can constitute a real "overwhelming" (overwhelming), to save the market confidence? .History can give directions, but can not give solutions. .How to grasp the rescue measures the "degree", is still a major challenge for the U.S. government. .</ P> <P> 2010 年 5 20 May, the U.S. Senate passed the "reconstruction of the 2010 Act the U.S. financial stability." .Next, the U.S. House of Representatives passed in December last year, "Wall Street Reform and Consumer Protection Act" The merger, once again passed in both houses, you can sent to U.S. President signed into effect. .</ P> <P> different legislative process and health care reform is no longer the U.S. government to take "principle proposed by Congress to complete after the release of specific provisions" of the "neutral" position; this time, the White House, Treasury and the Fed on the law-making .continue to exert influence. .Financial institutions around the capital adequacy ratio increased to reduce leverage, both houses of the Bill is to solve the core version of "systemic risk" issues and "too big to fail" moral hazard. .</ P> <P> version, there are still large differences between both houses. .From the Senate bill would set up a regulatory agency heads from a variety of financial stability posed by the Committee. .This "nine-team" will be responsible for coordinating the different agencies on the management of systemic risk. .Accordingly, also gives the Federal Deposit Insurance Corporation (FDIC) and other agencies, could threaten the financial system of the body requires more capital, or split them, merge, bankruptcy, liquidation rights. .The final bill may also set up a special "asset restructuring fund" to protect the orderly liquidation agency, and financed from the financial industry to prevent further losses by the taxpayers. .</ P> <P> U.S. financial reform bill will also establish a Consumer Protection Commission, the mortgage, automotive, consumer loans, credit cards to make specific requirements for financial institutions in plain language, to inform consumers of potential risks and .breach of contract. .The agency also have the right to repeal the law with irregularities. .</ P> <P> most controversial, is the regulatory financial derivatives. .</ P> <P> in accordance with the guiding principles of the U.S. Treasury Department, the future needs of financial derivatives in the central clearing system in the third-party settlement, the size of buyers and sellers to make capital requirements in proportion to each transaction, but also paid deposit. .</ P> <P> accordance with the "Volcker principle", U.S. financial institutions will be prohibited "self service" operation; in accordance with the Agriculture Committee, 席布兰琪林肯 (Blanche Lincoln) the proposal may also require banks to finance .derivatives trading department "peel" the principal company. .At present, how to embody in the final bill, "Volcker principle" but also because there is considerable controversy both houses of different versions, but only one purpose: to solve the risk of financial institutions inhalation and leverage issues. .</ P> <P> each round of crisis, protectionism will follow. .In 1930, the U.S. Congress pass the bill, a substantial increase in import tariffs, triggering a trade war between countries, exacerbated the Great Depression. .The current round of crisis, "Buy American" clause also appears on the U.S. $ 787,000,000,000 economic stimulus plan. .</ P> <P> 虽然 November 2008, to attend the first summit of heads of G20 leaders, committed to the implementation of 12 months, no longer any restrictions on trade measures. .But when they come together again to London, the world's 17 countries have taken measures to restrict trade 47. .And once again missed the deadline for the Doha Round of negotiations has always been difficult to progress. .When the peak of the crisis, and some even predicted that this is the end of globalization. .</ P> <P> better way of trade protection in the countries do not slip farther away. .The World Bank on May 25 released a report, as the economy recovers, beginning from the fourth quarter of 2009, trade protection, the number of cases began to fall. .First quarter of 2010, the global launch of the new anti-dumping, countervailing and safeguard the temporary import restrictions and other trade remedy cases fell 20%. .Flattening of the world, maybe really not coming back. .</ P>.
