CHENGDU, China, Oct. 14 (UPI) -- U.S. Treasury Secretary John Snow, on a visit to China, has asked Beijing to open its financial sector to international institutions, Xinhua reported Friday.
Snow told reporters in the small town of Mulan, outside Chengdu, the capital of southwestern Sichuan province, that financial market modernization would help sustain and accelerate China's growth through better use of capital.
He said the country's unacceptably high ratio of non-performing loans indicated capital was being put into the wrong hands, Xinhua reported.
Snow also said China's high savings rate should be put to productive use, and that developing a consumer credit system would help the country switch its focus from export-led growth.
Snow made the remarks Thursday after visiting a credit union in the town of 36,000. He earlier visited a Chengdu market selling pork, live catfish and dried seaweed.
The Chengdu visit reportedly was requested by Chinese authorities, who wanted the U.S. official to see the less developed western part of China.
Snow will return to Beijing for a Saturday meeting of the G-20 finance ministers and central bank governors, along with U.S. Federal Reserve Chairman Alan Greenspan. The two U.S. officials will meet with Chinese officials Sunday to discuss bilateral economic issues.
