{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='US Treasury Secretary comments on General Motors, global economy' data-url='/boclips/videos/5c54c1cdd8eafeecae154eef' data-video-url='/boclips/videos/5c54c1cdd8eafeecae154eef' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nUS Treasury Secretary comments on General Motors, global economy\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003e1. Various of Buick dealership2. Various of cars3. Wide of US Treasury Secretary Timothy Geithner walking up to podium4. SOUNDBITE (English) Timothy Geithner, US Treasury Secretary:\"We also inherited a very challenging restructuring...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Various of Buick dealership\u003cbr/\u003e2. Various of cars\u003cbr/\u003e3. Wide of US Treasury Secretary Timothy Geithner walking up to podium\u003cbr/\u003e4. SOUNDBITE (English) Timothy Geithner, US Treasury Secretary:\u003cbr/\u003e\"We also inherited a very challenging restructuring imperiative in the automobile industry. The previous administration made a decision to help buy time for those companies to undertake the kind of restructuring to allow them to emerge stronger. Because of what's happening to overall demand in the economy as a whole and because of what's happened to the financial market, those companies were under really a huge pressure. And their failure would have had a very very substantial cost to the economy as whole. So the president decided that we would be willing to provide support if there was in place, the kind of comprehensive restructuring plan to allow them to emerge viable as private entities over time. You are going to see an announcement later today in the United States about both the GM effort and the stage of the Chrysler restructuring effort and we are very optimistic we are going to have these firms emerge stronger without government assistance going forward, because they've undertaken very very dramatic restructuring. In both these cases, the government has insisted on its commitments of supporting restructuring not to prevent restructuring. Our objective is to make sure that we are limiting our involvement to the minimum necessary, and that we get out of those involvements as quickly as we can.\"\u003cbr/\u003e5. Pan of Buick car dealership, car leaving\u003cbr/\u003e6. SOUNDBITE (English) Timothy Geithner, US Treasury Secretary:\u003cbr/\u003e\"A successful transition to a more balanced, stable global economy is going to require a very substantial changes to economic policy and to financial regulations around the world. But some of the most important changes are going to have to come in China and in the United States. How successful we are in Washington and in Beijing will be critically important to the economic fortunes of the rest of the world and the effectiveness of US policies will depend in part on China's, and the effectiveness of yours on ours.\"\u003cbr/\u003e7. Wide of Geithner speaking\u003cbr/\u003eUS Treasury Secretary Timothy Geithner said on Monday that the global recession seemed to be losing force, but that it would be critical for the United States and China to institute major economic reforms to put the world on a more sustained footing.\u003cbr/\u003eSpeaking in Beijing, Geithner said a successful transition to a more balanced and stable global economy would require substantial changes to economic policy and financial regulation around the world and especially in the world's largest and third largest economies.\u003cbr/\u003e\"How successful we are in Washington and Beijing will be critically important to the economic fortunes of the rest of the world,\" Geithner said in a major economic address at Peking University, where he had studied Chinese as a college student more than two decades ago.\u003cbr/\u003eThe Obama administration's chief economic spokesman was using his first trip to China as treasury secretary to pursue closer economic ties and seek to turn the page on years of acrimony between the two countries over contentious trade issues.\u003cbr/\u003eGeithner had told reporters on his way to Beijing that he wanted to foster the same kind of working relationship with China that the United States had enjoyed for decades with major European economic powers.\u003cbr/\u003eIn his speech, Geithner had extensive praise for the economic transformation China had achieved.\u003cbr/\u003eHe avoided emphasising past trade disputes, such as the aggressive campaign waged by the Bush administration to force China to move faster to allow its currency, the yuan, to rise in value against the dollar.\u003cbr/\u003eAmerican manufacturers see the undervalued yuan as a primary culprit in the soaring trade deficits the United States has with China, deficits that critics contend have played a major role in the loss of millions of American manufacturing jobs.\u003cbr/\u003eGeithner struck a positive note on the global economy, noting a number of signs in the United States that the huge plunge in activity that occurred last year when the financial crisis struck with force had started to slow.\u003cbr/\u003eHe said the necessary reforms would include getting the US budget deficit under control once the recovery is firmly in place, something he said the Obama administration was committed to doing. \u003cbr/\u003eHe said China will need to strengthen its social safety net in such areas as pensions and health care so that the Chinese will feel more confident about spending more. \u003cbr/\u003eThat is viewed as critical if China is going to transform from an export-driven economy into one driven more by domestic consumption, a change that Geithner said was essential to assuring balanced world growth in the years ahead.\u003cbr/\u003e\"A successful transition to a more balanced, stable global economy is going to require a very substantial changes to the economic policy and to financial regulations around the world,\" Geithner said.\u003cbr/\u003eGeithner sought to reassure the Chinese on the issue of getting control of the exploding US budget deficit, which is projected to hit a record 1.84 (t) trillion US dollars this year, a fourfold increase from last year's record, reflecting the massive spending to stimulate the economy and stabilise the banking system. \u003cbr/\u003eChina is America's biggest creditor, holding 768 (b) billion US dollar in Treasury securities.\u003cbr/\u003eGeithner took a number of pointed questions from students, with several of them expressing concern about China's massive holding of US Treasury securities, given the current surge in US budget deficits.\u003cbr/\u003eAsked about the support being provided to General Motors and Chrysler, Geithner said he was \"very optimistic\" that the government's efforts would help the companies emerge in a stronger position and he said the administration planned for the assistance to be temporary.\u003cbr/\u003eWhile not a main focus of Geithner's trip, the US also hopes China will play a positive role in resolving a tense dispute with North Korea over its nuclear weapons programme.\u003cbr/\u003eGeithner could not escape the fallout from the recession even as he crossed the globe. \u003cbr/\u003eHe took a military aircraft with the latest in communications equipment that allowed him to be in frequent contact with Steven Rattner, head of the administration's auto task force, and Obama economic aide Lawrence Summers, who phoned with updates on the pivotal weekend negotiations with General Motors Corp (GM).\u003cbr/\u003eGeithner spent the trip in a private cabin at the back of the plane that was equipped with a desk and a bed. \u003cbr/\u003eMost of the time he was either working the phones, huddled with aides or revising the speech he was to give on Monday.\u003cbr/\u003eHe said the failure of America's big automakers would have \"a very very substantial cost to the economy as whole.\"\u003cbr/\u003e\"So the president decided that we would be willing to provide support if there was in place, the kind of comprehensive restructuring plan to allow them to emerge viable as private entities over time,\" he said.\u003cbr/\u003eGeneral Motors is due to file for bankruptcy protection later on Monday.\u003cbr/\u003e\"We are very optimistic we are going to have these firms emerge stronger without government assistance going forward, because they've undertaken very very dramatic restructuring.\"\u003cbr/\u003eChina, with 1.3 (b) billion people, ranks as the third largest economy after the US and Japan. \u003cbr/\u003eIn addition to meeting with some of his former professors on Monday, Geithner was scheduled to visit an economist training programme set up by his father when the elder Geithner was in charge of Ford Foundation programmes in Asia.\u003cbr/\u003eChina has turned its huge trade surpluses with the US into the largest holdings of Treasury debt, but has raised concerns about America's  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