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
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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.