Treasury Secretary Tim Geithner spoke by phone Wednesday with Chinese Vice Premier Wang Qishan about "developments in international markets" and recent global economic turmoil, his office said Wednesday. Their talks came as weak manufacturing activity in China and dismal growth data from India underscored Asia's vulnerability to Europe's deepening economic crisis and sparked fresh calls for government intervention.
Geithner and Wang also discussed the upcoming G20 summit in Mexico, when heads of the world's major developed nations and emerging powers later this month will meet amid a surge of fear over the global economy, the brief statement read. Forecasts have shown that Europe could be set for a rebound, but unemployment will keep on rising, a conundrum that highlights the difficult economic reforms that still need to be made.
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