From Treasury Secretary Geithner's testimony today before the Senate Banking Committee:
China has for a long time combined the pursuit of an export-driven growth strategy with a substantial set of protections and preferences for its domestic industries. We are committed to leveling that playing field. ...For example, the government still plays a very large direct role in the economy, through state- owned enterprises, and in the allocation of credit and other inputs to domestic production. ...We are very concerned about the negative impact of these policies on our economic interests
You almost wonder if Mr. Geithner wants to "level the playing field" by reducing the "very large direct role" that the Chinese government plays in the Chinese economy — or by replicating it here in America. Either way, it's a sad day when the first reaction one has to an American Treasury secretary denouncing a very large direct government role in the economy is a chuckle.