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A senior Treasury official on Friday urged all major economies to continue to provide support for recovery with a focus on efforts by Europe to navigate through their fiscal and financial system challenges. The official also said that it is important that those efforts are coupled with efforts by China to continue to provide support for growth with an emphasis on shifting their economy onto domestic consumers rather than relying excessively on exports. The official added that it is also critically important to create a balanced relationship between U.S. and China according to international standards on intellectual property and an economy that has an exchange rate that is based on market determination. We are seeing a very substantial shift in that direction, the official added. The official’s comments come as Treasury Secretary Timothy Geithner plans to travel to India and Japan from October 9 to October 13. Geithner’s trip to Tokyo will be for the annual meetings of the World Bank and International Monetary Fund on Oct. 11-13.

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