Chinese laugh at Treasury Secretary Geithner

June 2, 9:39 PMLouisville City Hall ExaminerThomas McAdam

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Secretary Geithner (AP Photo/Manuel Balce Ceneta)

According to a Reuters report, Geithner was addressing a group at Peking University, where he studied Chinese as a student in the 1980s. In response to a question from the audience, he responded: "Chinese assets are very safe."   His answer drew loud laughter from his student audience, reflecting skepticism in China about the wisdom of a developing country accumulating a vast stockpile of foreign reserves instead of spending the money to raise living standards at home. 

Geithner & Yang

“As the global financial storm continues to deepen and spread,” Yang said, “China and the United States should act in reflection of the fact that the two countries are in one boat, work together to safeguard the global financial stability, promote the healthy growth of world economy, and join hands in transforming the crisis into a new opportunity to further tap the potential of mutual cooperation.” The more difficult the situation is, “the more resolute China and the United States will be in sticking to an open and win-win economic policy,” Yang said. The Chinese minister said China and the United States should accommodate each other's interests and join hands in fighting trade protectionism.

It is small comfort that the Chinese students find Timmy as funny as we do over on this side of the pond.