SAN FRANCISCO (AP) -- Treasury Secretary Timothy Geithner is calling on China to move forward with economic reforms ahead of a meeting with Chinese leaders in Beijing next week.
Geithner spoke Thursday about the importance of the China-U.S. relationship in a speech in San Francisco to the Commonwealth Club of California.
The treasury secretary says the Obama administration welcomes recent changes to China's exchange rate system but believes the Chinese currency needs to appreciate further against the dollar.
Geithner says China should continue reforming its financial system, which is dominated by state-owned banks that channel resources to state-owned enterprises at the expense of private companies.
He says many Americans overestimate China's strengths and the country faces formidable challenges, including an aging population, rising labor costs and an inefficient banking system.
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