*EPF207 08/19/2003
Text: Treasury Secretary's Asia Trip To Stress Economic Growth
(Snow to visit Japan and China, attend APEC meeting) (750)

Treasury Secretary John Snow will visit Japan and China in early September before attending a meeting of the Asia-Pacific Economic Cooperation (APEC) finance ministers, according to an August 18 press release from the Treasury Department.

"We live in an interdependent world economy where our fortunes are inextricably linked," Snow said in the news release. "Let me be clear: increased economic growth overseas equals more jobs here."

During his first stop in Tokyo September 1-2, Snow will "assess Japan's prospects for sustaining economic growth and review the nation's efforts to end deflation and resolve non-performing loans in the nation's banking system," according to the press release.

Japan's growth is "critical not only for its own citizens and for Asia, but also for Americans," Snow said. The U.S. economy "directly benefits when Japan buys more of our goods and that creates jobs for Americans."

In China, Snow's second stop, the Treasury Secretary is scheduled to discuss liberalization and reform of the financial sector, trade, and exchange rate issues with Chinese leaders September 2-3.

From September 4-5, Snow will attend a meeting of the APEC finance ministers in Phuket, Thailand, where he will be able to discuss with his regional counterparts the need to help "emerging nations lift themselves from poverty" and other issues affecting the global economy, the news release says.

Following is the text of the press release:

(begin text)

Monday, August 18, 2003

Secretary Snow to Encourage Economic Growth in Asia

Treasury Secretary John Snow will travel to three Asian nations in early September where he will encourage countries to take strong measures to increase global economic growth.

Secretary Snow will visit Tokyo, Japan September 1-2; Beijing, China September 2-3; and then Phuket, Thailand on September 4-5 for meetings with finance ministers of the Asia-Pacific Economic Cooperation (APEC) forum.

"Achieving strong and vibrant global growth is one of the world's most pressing priorities," said Secretary Snow. "We live in an interdependent world economy where our fortunes are inextricably linked. Let me be clear: increased economic growth overseas equals more jobs here."

In Japan, Secretary Snow will meet with top political, economic and finance officials of the Government of Japan. He will also meet with private sector economists and financial analysts. Secretary Snow has emphasized the importance of Japan, the world's second largest economy, returning to strong economic growth. Snow will assess Japan's prospects for sustaining economic growth and review the nation's efforts to end deflation and resolve non-performing loans in the nation's banking system.

"Japan's growth is critical not only for its own citizens and for Asia, but also for Americans," said Snow. "Our economy directly benefits when Japan buys more of our goods and that creates jobs for Americans."

Secretary Snow will then travel to Beijing to meet with the Chinese leadership and their top economic officials as well as representatives from the business community and private economists. Secretary Snow will discuss a broad range of issues important to the country's economic relationship with the United States, including liberalization and reform of the financial sector, trade, and exchange rate issues.

The visit to Thailand at the occasion of the meeting of the APEC finance ministers will give Secretary Snow the opportunity to engage in discussions with his counterparts in the region on economic issues affecting the global economy, with particular attention to Asia and the Pacific Rim. In addition to official APEC meetings, Secretary Snow will host a series of bilateral discussions with finance ministers from the region.

Among the issues on the table at the APEC meeting is the plight of the emerging world. Helping emerging nations lift themselves from poverty is a key priority for President Bush and his Administration. Secretary Snow noted that raising growth also aides our friends in emerging economies. "Cooperation between the United States and our trading partners in Asia is vital for raising economic growth and improving living standards -- not just in our regions, but also in the emerging and developing economies as well."

Secretary Snow recently visited the United Kingdom and Germany where he reviewed efforts to generate economic growth in the European Community market. Upon completion of this trip, Secretary Snow -- in only seven months on the job -- will have visited the world's largest economies as part of his campaign to encourage global growth.

(end text)

(Distributed by the Bureau of International Information Programs, U.S. Department of State. Web site: http://usinfo.state.gov)

Return to Public File Main Page

Return to Public Table of Contents