Chinese officials yesterday warned US critics of Beijing's trade and currency polices against threatening punitive measures ahead of high-level trade talks and said there are no plans to change the pace of exchange rate reform despite US pressure.
Threats of sanctions if Beijing does not move faster on easing currency controls could disrupt financial markets and slow the reforms, the officials said. They briefed reporters on condition they not be identified by name.
"What we need to explain is that external voices will only backfire ... such external voices will only disrupt the normal reform of China's exchange rate regime," a senior Finance Ministry official said.
"We are firmly against any threatening rhetoric or steps to politicize economic issues, because that will only harm the economic interests of both sides," the official said.
Senior officials from both countries are due to meet in Washington on May 23 and May 24 for the second round of a dialogue meant to address US complaints about China's swollen trade surplus, currency controls and other issues.
The officials appealed to the US side to keep in mind the mutual benefits of the fast-growing trade and investment ties between the countries.
The officials stressed that despite US urging faster moves on freeing its exchange rate, Beijing believes it cannot do so without possibly damaging its economy.
"The financial system of China is still vulnerable to a certain extent, so we should push ahead with financial reforms in a cautious manner," the Finance Ministry official said.
US lawmakers who say China intentionally keeps its currency undervalued are threatening to impose punitive tariffs on imports of Chinese goods unless Beijing moves more quickly on easing controls.
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