Treasury's Bessent says 'China needs to change'

Bangkok Post Group

U.S. Treasury Secretary Scott Bessent on Wednesday (April 23), in remarks to the Institute of International Finance, said China's current economic model "needs to change." - REUTERS

Transcript

00:00China, in particular, is in need of a rebalancing.

00:06China's current economic model is built on exporting its way out of its economic troubles.

00:11It's an unsustainable model that is not only harming China, but the entire world.

00:17China needs to change.

00:19The country knows it needs to change.

00:22Everyone knows it needs to change.

00:25And we want to help it change because we need rebalancing, too.

00:31Sometimes it takes an external push.

00:35Alternatively, what I have said previously, there is an opportunity for a big deal here.

00:43That the U.S. is looking to rebalance two more manufacturing.

00:49The identity of that would be less consumption.

00:52If China is serious on less dependence on export-led manufacturing growth and a rebalancing toward a domestic economy,

01:05I think they use the term dual circulation.

01:08Well, right now it's really singular circulation.

01:12And if they want to rebalance, let's do it together.

01:16If I can rebalance, let's do it together.

01:23So they can rebalance.

01:23I think for the least one is an emperor.

01:25It's obviously an order and the following functions,

01:27this has been an order in Africa.

01:28Let's go to Adams for doctrine.

01:30And I think for both seasons,

01:32the first generation of government had prepared,

01:34it's certainly the only one that waskop денег for the reason.

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