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The world should stop relying on U.S. consumers: U.S. Treasury chief Lew
February 27, 2016 / 11:50 AM / 2 years ago

The world should stop relying on U.S. consumers: U.S. Treasury chief Lew

SHANGHAI (Reuters) - U.S. Treasury Secretary Jack Lew called on G20 members on Saturday to redouble their efforts to boost global demand instead of relying on the American consumer to drive growth.

Lew, speaking at a press conference at the end of the G20 finance ministers conference in Shanghai, also said the dollar’s strength was a function of a strong economy, and that the meeting had underscored that U.S. growth remained a bright spot in the global economy.

Separately, Lew called on China to remain communicative regarding its plans and to communicate more in public as opposed to behind closed doors, and that Beijing could carry out its economic transition in an orderly way.

He added that he believed China had the necessary policy tools to bolster domestic demand in support of that transition.

Lew also said it was in the national and economic interest of Britain and of Europe for Britain to remain in the European Union.

Reporting by Brenda Goh; Writing by Pete Sweeney; Editing by Alex Richardson

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