U.S. Treasury's Lew says no one-size-fits-all approach to growth

He said, however, that it was important for both China and Japan to pursue structural reforms to their economies - for China to reduce excess industrial capacity and for Japan to restructure agriculture and other sectors of its economy.

"Japan has to be careful not to slip into another economic decline, which means they are going to have to be careful about how they phase the timing of future tax increases and whether they offset that with spending in their economy so that it doesn’t create fiscal drag," Lew said.

Ratification of the Trans-Pacific Partnership trade deal would help Japan reform agriculture and other sectors, he added.

(Reporting By David Lawder and Lindsay Dunsmuir; Editing by Andrea Ricci)