2010-09-17 10:02

WASHINGTON - US Treasury Secretary Timothy Geithner on Thursday said that China was the fastest- growing major overseas market for the United States and the two countries had very significant economic interests in their relationship.

US Treasury Secretary Timothy Geithner testifies before the Senate Banking Committee during a hearing on international economic and exchange rate policies on Capitol Hill in Washington D.C., Sept. 16, 2010.[Photo/Agencies]

Geithner made the remarks in a Thursday testimony before the US Senate Committee on Banking, Housing and Urban Affairs.

"US merchandise exports to China this year surged 36 percent compared to 2009," Geithner said, but he contended that the pace of Chinese currency appreciation was not quick enough.

The US Senate Banking Committee held a hearing on the Treasury Department's Report on International and Exchange Rate Policies. The committee heard from Geithner, and discussed the relationship between the United States and China.

"US exports to China have grown much faster than our exports to the rest of the world, and they have recovered much more quickly following the global crisis," said the Treasury Department 's Report.

China responded early and aggressively with a massive stimulus program to cope with the financial crisis. "The resulting boom in China's imports supported the global economy and contributed substantially to recovery around the world," according to the report.

However, with the US unemployment rate still hovering at 10 percent and congressional elections approaching, some US industry leaders and congressmen have recently ratcheted up pressure on Beijing, urging China to steeply revalue its currency.