China finance talks target energy prices
(AP)
Updated: 2005-10-16 10:29

The threat from high oil prices and lagging growth in poorer nations topped discussions at talks outside Beijing due to wrap up Sunday with a statement by top financial officials of the world's leading economies.

The annual summit of the Group of 20 major industrial nations was to be immediately followed by China-U.S. economic talks that were expected to yield more pressure on Beijing to loosen controls on its currency, the yuan.

U.S. Treasury Secretary John Snow and Federal Reserve Chairman Alan Greenspan were leading the delegation of top economic experts from the administration of President George W. Bush.

Treasury officials said in Xianghe, a heavily guarded fortress-style resort an hour's drive outside Beijing, that they intended to intensify and broaden the debate over China's economic reforms, urging China to further develop domestic demand and financial services -- as well as allowing greater flexibility for the yuan.