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Treasury Secretary Timothy Geithner on the impact of the slowdown in the Chinese economy on the U.S.
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Economic slowdown is becoming a growing concern for that help of the global recovery and -- -- -- got a -- -- of -- -- the Treasury Secretary Tim -- about his thoughts on that promise -- actually is now and I -- in -- Chicago with that part of the story in China list.
Well the Ford stamping plant is where the Treasury Secretary came right after speaking -- At the -- economic club of Chicago because he likes to tour big businesses manufacturers see what's happening.
They've been hiring here because.
Ford is selling cars to the Chinese except the -- question becomes what happens if China.
Slows down their latest GDP number came in at eight point 9% -- we kill for that it's huge.
But it's the fifth consecutive quarter of slowdown for China shrinkage for China so that becomes a concern.
But -- the Treasury Secretary concerned whether that might.
I don't think there's any any sign of that happening in the moment really what's happening in China is.
Growth is slowing to a more sustainable pace they were growing faster than they could stay in overtime and -- -- started sit.
Gradually -- the rate of growth to did that by design it is growing too fast.
And looks it looks to most who will now I think from the outside that.
They've been able to slow to more simple level -- ultimately be good for us because there a big market for American businesses.
Our exports should have a very rapidly and I I would get I would expect them to be -- sources tracks -- the World -- -- not.
Negative -- you've worked so hard with their finance ministers about getting them to float their currency -- -- tougher to work with the Chinese to finance minister -- the Republicans in the house in America.
So we'll assess excellent question but for civil and answer but I would say that the Chinese are moving.
Try to be more responsive to our concerns about level playing on the currencies moving up in real terms up about 14% against the dollar of the last 220 Muster so and 50% of classified hears 40% -- five years and would you know we want to move further is that the only thing I want to joining that we wanted to soda.
Protect America -- property.
Want to mention that are reducing subsidies to get their their their companies compete and ours is only -- -- -- -- problems that my final question.
The president what's that term it asks you to stay would you.
We know the president.
He asked me this day.
And I -- I was in the first term and we have a huge margin there's a lot of the news business.
Number -- what we wouldn't do.
You know putting -- the fires worst crisis -- again since the Great Depression.
But we shall have so I'm very proud to appeal to Republicans and just -- just us.
Focus and I'll answer that brings.
You tell you that thank you very much mr.
secretary we appreciate you can.
