Street view: Geithner in China

U.S. Treasury Secretary Timothy Geithner (L) chats with Chinese President Hu Jintao (R) during a meeting at the Great Hall of the People in Beijing June 2, 2009. (Andy Wong/Pool/Reuters)

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BEIJING — Even as U.S. Treasury Secretary Timothy Geithner told state television on Tuesday that his counterparts in Chinese government are confident of their massive investment in U.S. dollars, ordinary Beijingers remain skeptical.

While Chinese government officials haven’t confirmed the confidence of which Geithner spoke, the regular folks of Beijing are shaking their heads about putting so many eggs in the American basket — and feeling they don’t get much in return.

In the center of the capital at Jingshan Park, where retirees gather to play cards, exercise and practice their musical talents, few spoke with much assurance about China's decision to park an estimated two-thirds of its foreign currency reserves in U.S. dollars.

“China has too many American dollars,” said Li Jiangang, a 51-year-old who was helping supervise a gardening project in the ancient park. “America could manipulate its currency and create problems for China.

“Of course, overall it’s still a very good relationship between the two countries,” he added.

Others in the park agreed, saying the U.S. dollar is a potentially dangerous investment choice for so much of China’s assets. Several said they see the investment not as the best thing for China, but rather a way by which China can help the United States through the financial crisis, building goodwill they hope will pay off in the long run.

“It’s good that China supports the United States,” said Wang Quande, a retiree from Anhui province who is visiting Beijing for medical treatment.

His son-in-law, Zhang Shuhua, said he believes China should get something in return for its loyal investments.

“America still keeps a lot of technology and secrets from us,” Zhang said. “They have a lot of military technology they sell to Taiwan, which is against our interests.”

Still, both men said they believed the Obama administration could be good for U.S.-China relations. The fact that Geithner and Secretary of State Hillary Clinton have both visited Beijing in the first months since Obama took office are a clear signal that China is important to America, they said.

http://www.globalpost.com/dispatch/china-and-its-neighbors/090602/street-view-Geithner