On Oct. 16, 2012, President chen Yulu hosted U.S. Assistant Treasury Secretary, Charles Collyns.

President of Renmin University of China, Chen Yulu, is also a member of the People’s Bank of China Monetary Policy Committee; therefore his economic and financial insights are particularly valuable to U.S. Treasury Officials. On Oct. 16, 2012, U.S. Assistant Treasury Secretary, Charles Collyns, and his colleagues were pleased to meet with President Chen before returning to Washington D.C. President Chen spoke of China’s developmental policies and careful control of an economic soft landing, he stressed the need to reduce overcapacities, ease SOE monopoly power, and remove red tape to allow greater opportunities for private enterprises. China continues to honor its commitment in compliance with the Basel rules, said President Chen. I n the wake of the global financial crisis and the weak export demand from western countries, China has restructured its growth policies to focus on domestic consumption facilitated by a gradual liberalization of interest rates and RMB exchange rate flexibility.

Assistant Treasury Secretary, Charles Collyns, spoke of the excessive lending in the U.S. housing sector that contributed to the global economic crisis. Mr. Collyns expects American economic growth to increase slightly in 2013, private and public sector debt in the U.S. were also mentioned as important issues. Mr Collyns defended the Federal Reserve’s unconventional monetary policies, such as quantitative easing, saying that these policies will lead to a strong U.S. economy which is beneficial to the world at large.