Jack Lew: China Has Stolen ‘Trade Secrets’ from Us

Lew: China's cyber activities are "problematic" (CBS News)

As Chinese President Xi Jinping touched down in Seattle on Tuesday for his first visit to the U.S., Treasury Secretary Jack Lew urged the People's Republic not to stray from its pledge to develop a more market-oriented economy driven by consumption, a shift from the country's historical reliance on exports and infrastructure development. He also expressed concerns to CBS News about China's potential role in recent cyberattacks in the U.S.

"I think that there's every reason that China economy can be strong in the future and should be strong in the future, but it does require sticking to a reform agenda which they outlined over the last two-and-a-half years and now they need to re-commit to," Lew told CBS News.

"They need to have an exchange rate where they're willing to let it go up, as well as down, when market forces determine," Lew said in a wide-ranging discussion with CBS News that also touched on the state of the U.S. economy and what historical figure would be chosen to put on the $10 bill.

Lew expressed confidence that China's slowing economy, which has raised concerns about global growth and roiled financial markets, would rebound.

China's economy is "now roughly 30 percent consumer driven -- our economy is 70 percent consumer-driven," he said. "So they're on a path that's going to be challenging. It means the rate of growth will come down, but the quality of growth should become stronger. They have to continue to open up their markets to competition. They have to continue to take steps that give consumers the ability to spend money more easily and invest money more easily."