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Paulson pushes patience with Beijing

US Treasury Secretary Henry Paulson says he will be patient in dealings with China during a visit this week that is expected to include talks on Washington's appeals for a stronger Chinese currency.

Paulson arrived yesterday in of Hangzhou before traveling to Bei-jing for meetings with President Hu Jintao (胡錦濤) and other Chinese leaders.

Washington and other trading partners are pressing Beijing to raise the government-controlled value of its currency, the yuan.

But Paulson hasn't said what message he plans to deliver during his first visit to China since taking up his post in July. The former chairman and chief executive of investment bank Goldman Sachs has avoided statements that appear to pressure Beijing.

"I do care a lot about China progressing with their reforms," Paulson said on Monday while in Singapore for meetings of finance officials. "I am not looking for immediate solutions or quick fixes to any particular economic issue."

The US says the yuan's exchange rate is too low, giving Chinese exports an unfair price advantage and adding to Beijing's trade surplus. The Chinese trade gap with the US reached a record US$202 billion last year and is expected to surpass that this year.
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