{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='WRAP US Treasury Sec comment on economy ADDS meeting Wang' data-url='/boclips/videos/5c54bc69d8eafeecae12c6ca' data-video-url='/boclips/videos/5c54bc69d8eafeecae12c6ca' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nWRAP US Treasury Sec comment on economy ADDS meeting Wang\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003e1. Various of Buick dealership2. Various of cars3. Wide of US Treasury Secretary Timothy Geithner walking up to podium4. SOUNDBITE (English) Timothy Geithner, US Treasury Secretary:\"We also inherited a very challenging restructuring...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Various of Buick dealership\u003cbr/\u003e2. Various of cars\u003cbr/\u003e3. Wide of US Treasury Secretary Timothy Geithner walking up to podium\u003cbr/\u003e4. SOUNDBITE (English) Timothy Geithner, US Treasury Secretary:\u003cbr/\u003e\"We also inherited a very challenging restructuring imperative in the automobile industry. The previous administration made a decision to help buy time for those companies to undertake the kind of restructuring to allow them to emerge stronger. Because of what's happening to overall demand in the economy as a whole and because of what's happened to the financial market, those companies were under really a huge pressure. And their failure would have had a very very substantial cost to the economy as a whole. So the president decided that we would be willing to provide support if there was in place, the kind of comprehensive restructuring plan to allow them to emerge viable as private entities over time. You are going to see an announcement later today in the United States about both the GM effort and the stage of the Chrysler restructuring effort and we are very optimistic we are going to have these firms emerge stronger without government assistance going forward, because they've undertaken very very dramatic restructuring. In both these cases, the government has insisted on its commitments of supporting restructuring not to prevent restructuring. Our objective is to make sure that we are limiting our involvement to the minimum necessary, and that we get out of those involvements as quickly as we can.\"\u003cbr/\u003e5. Pan of Buick car dealership, car leaving\u003cbr/\u003e6. SOUNDBITE (English) Timothy Geithner, US Treasury Secretary:\u003cbr/\u003e\"A successful transition to a more balanced, stable global economy is going to require a very substantial changes to economic policy and to financial regulations around the world. But some of the most important changes are going to have to come in China and in the United States. How successful we are in Washington and in Beijing will be critically important to the economic fortunes of the rest of the world and the effectiveness of US policies will depend in part on China's, and the effectiveness of yours on ours.\"\u003cbr/\u003e7. Wide of Geithner speaking\u003cbr/\u003e8. Geithner shaking hands with Chinese Vice Premier Wang Qishan at the Great Hall of the People\u003cbr/\u003e9. Close shot of handshake, tilt up to Geithner and Wang during photo-op\u003cbr/\u003e10. Chinese and US flags \u003cbr/\u003e11. Wide of meeting \u003cbr/\u003e12. SOUNDBITE (English) Timothy Geithner, US Treasury Secretary:\u003cbr/\u003e\"The world's going through an exceptionally challenging period now and I think that the world has a huge stake in our two countries working closely together to lay a foundation for recovery and also to try to put in place the kind of reforms that allow for a stronger, more balanced, sustainable recovery in the future, with an international financial system that's more able to provide a foundation for stability in the future.\"\u003cbr/\u003e13. Wide of meeting\u003cbr/\u003e14. SOUNDBITE (Mandarin) Wang Qishan, Chinese Vice Premier:\u003cbr/\u003e\"For you and I, and our respective teams, the forthcoming economic dialogue of the China-US strategic and economic dialogues is the foremost subject on our minds.\"\u003cbr/\u003e15. Wide of meeting\u003cbr/\u003eUS Treasury Secretary Timothy Geithner said on Monday that the global recession seemed to be losing force, but that it would be critical for the United States and China to institute major economic reforms to put the world on a more sustained footing.\u003cbr/\u003eSpeaking in Beijing, Geithner said a successful transition to a more balanced and stable global economy would require substantial changes to economic policy and financial regulation around the world and especially in the world's largest and third largest economies.\u003cbr/\u003e\"How successful we are in Washington and Beijing will be critically important to the economic fortunes of the rest of the world,\" Geithner said in a major economic address at Peking University, where he had studied Chinese as a college student more than two decades ago.\u003cbr/\u003eThe Obama administration's chief economic spokesman was using his first trip to China as treasury secretary to pursue closer economic ties and seek to turn the page on years of acrimony between the two countries over contentious trade issues.\u003cbr/\u003eGeithner had told reporters on his way to Beijing that he wanted to foster the same kind of working relationship with China that the United States had enjoyed for decades with major European economic powers.\u003cbr/\u003eIn his speech, Geithner had extensive praise for the economic transformation China had achieved.\u003cbr/\u003eHe avoided emphasising past trade disputes, such as the aggressive campaign waged by the Bush administration to force China to move faster to allow its currency, the yuan, to rise in value against the dollar.\u003cbr/\u003eAmerican manufacturers see the undervalued yuan as a primary culprit in the soaring trade deficits the United States has with China, deficits that critics contend have played a major role in the loss of millions of American manufacturing jobs.\u003cbr/\u003eGeithner struck a positive note on the global economy, noting a number of signs in the United States that the huge plunge in activity that occurred last year when the financial crisis struck with force had started to slow.\u003cbr/\u003eHe said the necessary reforms would include getting the US budget deficit under control once the recovery is firmly in place, something he said the Obama administration was committed to doing. \u003cbr/\u003eHe said China will need to strengthen its social safety net in such areas as pensions and health care so that the Chinese will feel more confident about spending more. \u003cbr/\u003eThat is viewed as critical if China is going to transform from an export-driven economy into one driven more by domestic consumption, a change that Geithner said was essential to assuring balanced world growth in the years ahead.\u003cbr/\u003e\"A successful transition to a more balanced, stable global economy is going to require a very substantial changes to the economic policy and to financial regulations around the world,\" Geithner said.\u003cbr/\u003eGeithner sought to reassure the Chinese on the issue of getting control of the exploding US budget deficit, which is projected to hit a record 1.84 (t) trillion US dollars this year, a fourfold increase from last year's record, reflecting the massive spending to stimulate the economy and stabilise the banking system. \u003cbr/\u003eChina is America's biggest creditor, holding 768 (b) billion US dollar in Treasury securities.\u003cbr/\u003eGeithner took a number of pointed questions from students, with several of them expressing concern about China's massive holding of US Treasury securities, given the current surge in US budget deficits.\u003cbr/\u003eAsked about the support being provided to General Motors and Chrysler, Geithner said he was \"very optimistic\" that the government's efforts would help the companies emerge in a stronger position and he said the administration planned for the assistance to be temporary.\u003cbr/\u003eLater in the day, Geithner and other Treasury officials met at the Great Hall of the People with a team of economic officials from China, led by Vice Premier Wang Qishan, to discuss the upcoming high-level talks scheduled for this summer between the two nations in Washington.\u003cbr/\u003e\"The world has a huge stake in our two countries working closely together to lay a foundation for recovery,\" Geithner said at the start of the session.\u003cbr/\u003eQishan described the upcoming talks as \"the foremost subject on our minds.\"\u003cbr/\u003eMeanwhile, the US Treasury announced that Geithner was appointing David Loevinger to be the department's coordinator for the high-level talks and naming David Dollar to be Treasury's representative in China.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv class='rp-report'\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='resource-details-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='resource-details-heading'\u003eResource Details\u003c/h2\u003e\n\u003cdiv class='rp-resource-details clearfix'\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eCurator Rating\u003c/dt\u003e\n\u003cdd\u003e\u003cspan class=\"star-rating\" aria-label=\"3.5 out of 5 stars\" role=\"img\"\u003e\u003ci class=\"fa-solid fa-star text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003ci class=\"fa-solid fa-star text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003ci class=\"fa-solid fa-star text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003ci class=\"fa-solid fa-star-half-stroke text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003ci class=\"fa-regular fa-star text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003c/span\u003e\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt class=\"educator-rating-title\"\u003eEducator Rating\u003c/dt\u003e\u003cdd\u003e\u003cdiv class=\"educator-rating-details\" data-path=\"/educator_ratings/rrp_data?resourceable_id=1092170\u0026amp;resourceable_type=Boclips%3A%3AVideoMetadata\"\u003e\u003cspan class=\"not-yet-rated\"\u003eNot yet Rated\u003c/span\u003e\u003c/div\u003e\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eGrade\u003c/dt\u003e\u003cdd title=\"Grade\"\u003eHigher Ed\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eSubjects\u003c/dt\u003e\u003cdd\u003e\u003cspan\u003e\u003ca href=\"/search?grade_ids%5B%5D=259\u0026amp;search_tab_id=1\u0026amp;subject_ids%5B%5D=1216220\"\u003eAll Subjects\u003c/a\u003e\u003c/span\u003e\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eMedia Type\u003c/dt\u003e\u003cdd\u003e\u003cspan\u003e\u003ca href=\"/search?grade_ids%5B%5D=259\u0026amp;search_tab_id=2\u0026amp;type_ids%5B%5D=4543650\"\u003eNews Clips\u003c/a\u003e\u003c/span\u003e\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eSource:\u003c/dt\u003e\n\u003cdd\u003e\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eDate\u003c/dt\u003e\n\u003cdd\u003e2009\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003ci aria-hidden='true' class='fai fa-solid fa-language'\u003e\u003c/i\u003e\n\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eAudiences\u003c/dt\u003e\u003cdd\u003e\u003cspan\u003e\u003ca href=\"/search?audience_ids%5B%5D=371079\u0026amp;grade_ids%5B%5D=259\u0026amp;search_tab_id=1\"\u003eFor Teacher Use\u003c/a\u003e\u003c/span\u003e\u003c/dd\u003e\u003cdd class=\"text-muted\"\u003e\u003ci class=\"fa-solid fa-lock mr5\"\u003e\u003c/i\u003e2 more...\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='concepts-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='concepts-heading'\u003eConcepts\u003c/h2\u003e\n\u003cdiv class='clearfix'\u003e\n\u003cdiv class='details-list concepts' data-identifier='Boclips::VideoDecorator' data-type='concepts'\u003ecompanies, economy, china, beijing, north america, east asia, business, asia, governments\u003c/div\u003e\n\u003cdiv class='concepts-toggle-buttons' data-identifier='Boclips::VideoDecorator'\u003e\n\u003cbutton aria-expanded='false' class='more btn-link' type='button'\u003e\n\u003cspan\u003eShow More\u003c/span\u003e\n\u003ci aria-hidden='true' class='fa-solid fa-caret-down ml5'\u003e\u003c/i\u003e\n\u003c/button\u003e\n\u003cbutton aria-expanded='true' class='less btn-link' style='display: none;' type='button'\u003e\n\u003cspan\u003eShow Less\u003c/span\u003e\n\u003ci aria-hidden='true' class='fa-solid fa-caret-up ml5'\u003e\u003c/i\u003e\n\u003c/button\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='additional-tags-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='additional-tags-heading'\u003eAdditional Tags\u003c/h2\u003e\n\u003cdiv class='clearfix'\u003e\n\u003cdiv class='details-list keyterms' data-identifier='Boclips::VideoDecorator' data-type='keyterms'\u003efoundation, chinese yuan renminbi, assistance, currency markets, important, consumer products and services, place, support, provide, timothy geithner, u.s. dollar, greater china, case, future, financing, government finance, government and politics, restructuring, united states, industries, substantial, balanced, consumer services, rest, undertake, national governments, kind, government budget deficits, wang qishan, financial markets, involvement, restructuring and recapitalization, government business and finance, government budgets, automotive services, recovery, stronger, government debt, government securities, national budgets, successful, corporate news, automobile dealing, world, cabinets\u003c/div\u003e\n\u003cdiv class='keyterms-toggle-buttons' data-identifier='Boclips::VideoDecorator'\u003e\n\u003cbutton aria-expanded='false' class='more btn-link' type='button'\u003e\n\u003cspan\u003eShow More\u003c/span\u003e\n\u003ci aria-hidden='true' class='fa-solid fa-caret-down ml5'\u003e\u003c/i\u003e\n\u003c/button\u003e\n\u003cbutton aria-expanded='true' class='less btn-link' style='display: none;' type='button'\u003e\n\u003cspan\u003eShow Less\u003c/span\u003e\n\u003ci aria-hidden='true' class='fa-solid fa-caret-up ml5'\u003e\u003c/i\u003e\n\u003c/button\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='educator-ratings-heading' class='rp-info-section'\u003e\n\u003ch2 class='title sr-only' id='educator-ratings-heading'\u003eEducator Ratings\u003c/h2\u003e\n\u003cdiv id=\"educator-ratings-root\"\u003e\u003c/div\u003e\u003cdiv id=\"all-educator-ratings-root\"\u003e\u003c/div\u003e\u003cdiv id=\"educator-rating-form-root\"\u003e\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-resource'\u003e\n\u003cdiv aria-label='Show resource details' class='rp-show-info' role='button' tabindex='0'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\nShow resource details\n\u003c/div\u003e\n\u003cdiv aria-label='Video player' class='player' id='player-wrapper' role='region'\u003e\n\u003cdiv class='relative container mx-auto' id='lp-boclips-visitor-thumbnail'\u003e\n\u003ca class=\"block\" data-html=\"true\" data-placement=\"bottom\" data-trigger=\"click\" data-content=\"\u003cdiv class=\u0026quot;text-center py-2\u0026quot;\u003e\u003ca class=\u0026quot;bold\u0026quot; href=\u0026quot;/auth/users/sign_in\u0026quot;\u003eSign in\u003c/a\u003e or \u003ca class=\u0026quot;bold text-danger\u0026quot; data-posthog-event=\u0026quot;Signup: LP Signup Activity\u0026quot; data-posthog-location=\u0026quot;body_link_boclips\u0026quot; data-remote=\u0026quot;true\u0026quot; href=\u0026quot;/subscription/new\u0026quot;\u003eJoin Now\u003c/a\u003e\u003c/div\u003e\" data-title=\"Get Full Access\" data-container=\"body\" rel=\"popover\" tabindex=\"0\" aria-label=\"Play video: WRAP US Treasury Sec comment on economy ADDS meeting Wang\" href=\"/subscription/new\"\u003e\u003cimg class=\"resource-img img-thumbnail img-responsive z-10 lp-boclips-thumbnail w-full h-full lozad\" alt=\"WRAP US Treasury Sec comment on economy ADDS meeting Wang\" title=\"WRAP US Treasury Sec comment on economy ADDS meeting Wang\" onError=\"handleImageNotLoadedError(this)\" data-default-image=\"https://static.lp.lexp.cloud/images/attachment_defaults/resource/large/missing.png\" data-src=\"https://static.lp.lexp.cloud/images/attachment_defaults/resource/large/missing.png\" width=\"315\" height=\"220\" src=\"data:image/png;base64,R0lGODlhAQABAAD/ACwAAAAAAQABAAACADs\" /\u003e\n\u003cspan aria-hidden='true' class='flex justify-center items-center bg-white rounded-full w-16 h-16 absolute top-1/2 left-1/2 -mt-8 -ml-8 cursor-pointer z-0 border-2 border-primary drop-shadow-md lp-boclips-thumbnail-playBtn'\u003e\n\u003ci class='fa-solid fa-play text-primary text-3xl ml-1 drop-shadow-xl'\u003e\u003c/i\u003e\n\u003c/span\u003e\n\u003c/a\u003e\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n"}