China, US seek new economic deal

CHENGDU, China – The US and China discussed the importance of working together to negotiate new international guidelines governing the provision of export credits and on addressing global excess industrial capacity, US Treasury secretary Jack Lew said.

Lew made the comments during a meeting with Chinese minister of finance Lou Jiwei on the sidelines of a G20 meeting of finance ministers and central bankers in China on Saturday, according to a Treasury statement.

Lew also expressed support for multilateral initiatives to discuss steel excess capacity and structural adjustment.

The two finance ministers also discussed the importance of China implementing its structural reform agenda. –