US economy resilient to withstand economic crisis in China: WH

Washington, Aug 24: The American economy is resilient and durable enough to withstand the challenge posed by the ongoing economic crisis in China, the White House said today while asking Beijing to move towards a transparent economy and a market-based currency system.

"Improving transparency into their economy is something we believe will would be good for the global economy, and also good for the economy and China," White House Press Secretary Josh earnest told reporters at his daily news conference.

In view of the ongoing crisis, he urged China to move towards a transparent economy and a market-based currency system.

"One of the things, one of the cases we have made to the Chinese government is that a more transparent economy is one that will benefit not just the Chinese economy but the global economy, and we certainly hear from business leaders in the United States that are interested in doing business in China that a more transparent business environment would make them more likely to do business there," he said.

Responding to questions on Chinese economic crisis, Earnest said the American economy is strong enough.

"There is no doubt that the global economy is more interconnected than it's ever been, and there are a variety of reasons for that. Technology is not the least of them. But what I would encourage people to evaluate is the ongoing strength and resilience of the US economy," he said.

"US businesses over the last 65 consecutive months have added 13 million jobs. That's the longest sustained private sector job growth streak in American history. The unemployment rate here in the United States is at 5.3 per cent, which is the lowest level in seven years," Earnest noted.

Citing the latest figures related to growth rate, Earnest said this is an indication of how durable the US economy continues to be, even as "we see some" increased volatility overseas.

"However, the administration, certainly the President, is very mindful of how this would be a particularly bad time for a self-inflicted wound," he said in response to a question. Earnest urged China to continue to pursue financial reform to increase exchange rate flexibility and to move rapidly toward a more market determined exchange rate system.

"That is a case that we have continued to impress upon the Chinese as being a priority of the United States," he added. Responding to a question, the White House spokesman said human rights remains a top priority for US talks with China.

"In a variety of settings including when the President travelled to China, raised significant concerns about the Chinese government's respect for the basic universal human rights of its people, including access to information and freedom of expression," Earnest said. "That is a concern that is a concern that President Obama will continue to raise with his counterpart," he said.

PTI