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Published: Wednesday July 9, 2014 MYT 5:05:02 PM
Updated: Wednesday July 9, 2014 MYT 5:05:02 PM

China vice premier says reforms cannot be rushed

BEIJING (Reuters) - Chinese Vice Premier Wang Yang said on Wednesday that China needed to find the right speed in its financial reforms.

"If reforms go too fast, we could be bogged down in details and make fatal mistakes in China's reforms and opening up. If it's too slow, China's reform process could be affected and the United States ... will put pressures (on China)," he said, on the opening day of annual high level talks with the United States.

"How to quicken reforms when the time is right and slow down when needed is something we need to grasp in China's reform process and an issue to be resolved at the Strategic Economic Dialogue. We find a reasonable balance."

Speaking earlier, U.S. Treasury Secretary Jack Lew said that moving to a market-determined exchange rate would be a crucial step for China.

Wang said that Lew had told him China should speed up the reform of its exchange rate mechanism.

(Reporting by Kevin Yao; Writing by Ben Blanchard; Editing by Jeremy Laurence)

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