Posted on 04/09/2005 7:20:23 PM PDT by Destro
China says U.S. should fix own economic problems, stop targeting Beijing
Stephanie Hoo
Canadian Press
Thursday, April 07, 2005
BEIJING (AP) - Bristling at U.S. criticism of its tight currency controls, China said Thursday that Washington should instead improve its own financial discipline to ease its ballooning trade deficit.
Instead of casting blame elsewhere, "the United States should find reasons from its own country to address the economic imbalance," Foreign Ministry spokesman Qin Gang said at a regular news briefing. He was responding to a question about a U.S. Senate proposal to use tariffs to force China to relax its policy of fixing its currency at 8.28 to the U.S. dollar.
Washington contends the policy gives Chinese exporters an unfair price advantage, contributing to the mounting U.S. trade deficit with China, which hit $162 billion US last year.
On Thursday, the U.S. Congress for the second time in two days gave notice to both China and the Bush administration that it will take action if nothing is done about the currency.
"We are playing by the rules. We think the Chinese government is cheating," Representative Tim Ryan, D-Ohio, said in promoting a bill that defines exchange rate manipulation as a prohibited export subsidy and sets guidelines for U.S. agencies to sanction China and protect U.S. industries.
Beijing has pledged to loosen its currency controls, but says it cannot do so right away due to the fragility of its own financial systems.
If a country - such as the United States - cannot support its deficits with domestic savings, "it can only depend on the savings of foreign countries," Qin said.
The United States finances its trade deficits by attracting foreign investment in U.S. assets, and China is the world's second-largest holder of U.S. Treasury bonds after Japan.
It's a precarious balancing act.
If foreign investors were to slow their purchases of U.S. assets or sell them, the prices of U.S. stocks and bonds could plunge - and U.S. interest rates could soar.
The U.S. deficit in trade and investment income with the rest of the world hit an all-time high of $665.9 billion last year, while the budget deficit soared to a record $412 billion.
Qin's comments came amid a growing trade dispute over textiles, with the U.S. considering new limits on Chinese imports. China argues that the U.S. is trying to blame its trading partners for its own competitive weaknesses.
"Although China has a surplus in trade with the United States, China has a deficit in its trade with Asian countries," Qin said.
Excuse me, China, our economic problems ARE Beijing.
Fresh water supply. That's why they are trying to take over Nepal.
Of course -- the people in Washington allow the Chinese to violate our patent laws because the Chinese hold so much of our paper. If the Japanese hold $800 billion, do the Chinese hold $600 billion? That is the consequence of deficit spending on pork projects to get Senators and Representatives elected.
"Instead of casting blame elsewhere, "the United States should find reasons from its own country to address the economic imbalance," Foreign Ministry spokesman Qin Gang said "
The butchers of Tieneman Square are correct. We should immediately cease importing any goods manufacturered in China. America must reestablish its old economic base of well-made quality prodcuts at home instead of feeding a vicious enemy which uses our own money to threaten us and our allies.
The Republicans promised to do this back in 1994, if they got power.
So, once Republicans control the House, Senate and White House, federal spending will be reined in and won't spiral out of control.
It's very simple - just give Republicans control of everything and government will improve.
Won't it?
I don't like the euro, but you would be a fool to bet you savings on the dollar.
its because so many US business owners make fortunes by offshoring to china and importing into the US. they use some of that money to buy political protection. that's how it got as bad as it is right now. add to that mix some idealists who really believe this free trade stuff, its like a religion to them.
This is funny. They don't get it either.
Who doesn't get it?
They're up to something. The "US is out to get us" rant is right out of the Castro/Il/Chavez playbook.
Nobody is getting it. The evolution of society is happening rapidly. Just look--The Terry Schiavo case, the imposition by direct force in the Middle East, the many and various international trade agreements, the illegal yet condoned immigration of Mexican refugees, the denial of national claim to resources of the deep sea and deep space, the restoration of Pres Clinton, the departure of Dan Rather, legalized abortion. China is being sucked into the whirlpool along with every other sovereign state, and the US is leading the charge even while trying to preserve its own nationality.
LOL
http://www.freerepublic.com/focus/f-news/1380669/posts
Let's see deficit spending for the top 4 Euro economies is between 4-6% of their GDP. Unemployement in double digits for both France and Germany. GDP Growth for France and Germany is hovering between 2-1% at best. They have no military to speak of so their foreign policy has only bark and no bite. France wants to sell weapons to China and got a "humbling dressing down" from Japan. Old Europe was on the wrong side of history once again with Iraq. Yup, moving into Euros is a good move. My guess is that the Euro peaked and is going to start falling dramatically. Euroland is the true paper tiger.
LOL back at you - I didn't say they were switching to all euros. You want to think we still have the all mighty dollar be my guest all we have now is the good dollar or the OK dollar - not the all mighty dollar.
....and I didn't claim you did! As usual your ego speaks instead of your brain. You cannot stand it when you are wrong. And boy are you WRONG!
Destro you are still an......with an ego the size of New York. The US, Britain and Australia rule.....you may not like it, but it's a fact. Deal with it or go to where the sun don't shine.
http://www.freerepublic.com/focus/news/1380865/posts
Ha! I cannot wait till the Euro crumbles.
Quote: That's not the only problems they have. I was reading about their environmental problems the other day and they're devastating
A family friend came back from chia. Their factory cities are very bad. He said his boogers were coal black and he had a acrid tast in his mouth from being outside for only several days.
SARS is not the only reason why chinese wear the face mask.
"Fresh water supply. That's why they are trying to take over Nepal."
That hadn't even occurred to me. I've been to Nepal and it's beautiful but they have some severe social problems.
Gates, Buffett, China 'run from dollar'
Report: China's Foreign Reserves Fall (China switching dollars for Euros)
It's not going to impact you unless you buy a lot of imports. It punishes people who buy imports, and who are trying to import goods to the US. Of course, everyone buys gas, so it would have some impact.
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