(MENAFN - Kuwait News Agency (KUNA)) US Treasury Secretary Timothy Geithner asserted on Saturday that country is continuing to recover from the most severe financial crisis in several generations, saying, "We see renewed strengths across a broad spectrum of the US economy in energy, autos, high tech, manufacturing and agriculture."
In a statement presented at a semiannual meeting of the International Monetary and Financial (IMF) Committee in Tokyo, Geithner said the US economy has been expanding at a moderate pace since 2009. "We have made significant progress in addressing the causes of the financial crisis.
Private savings have increased, private debt has decreased and the financial system is now much stronger." But he also brought issues of concern."While our unemployment rate came down to 7.8 percent in the most recent employment report, economic and job growth are not yet strong enough. We of course still have more to do," he noted.
"It is important that we in the US enact a balanced framework to bring down our fiscal deficit and debt over several years, while continuing to provide support for jobs and growth in the short term," he said.
On Europe, the US financial chief said the continent is making progress on outlining a road map toward banking union, which is a critical step to ensuring a sustainable long-term framework. "This broad framework offers a more promising strategy for addressing the crisis. However, what is important is how it will be applied in practice."
He also urged China to do more to strengthen domestic demand. "As China's slowdown in response to weak export demand highlights, domestic consumption still does not play a sufficient role in driving China's economy.
Progress toward strengthening domestic demand will be good for China, and good for the global economy," he said. Geithner highlighted some positive developments in the US-China economic relations, noting that US exports to China have doubled as China's exchange rate has appreciated by about 11 percent against the dollar. "
The US has seen some progress toward a more balanced economic relationship with China, though more progress is needed," he said.