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News & Current Events Discuss Booming, China Faults U.S. Policy on the Economy at the General Forum; BEIJING — Not long ago, Chinese officials sat across conference tables from American officials and got an earful. The Americans ...

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Old 06-17-2008, 09:48 AM
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Default Booming, China Faults U.S. Policy on the Economy

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BEIJING — Not long ago, Chinese officials sat across conference tables from American officials and got an earful.

The Americans scolded the Chinese on mismanaging their economy, from state subsidies to foreign investment regulations to the valuation of their currency. Your economic system, the Americans strongly implied, should look a lot more like ours.
But in recent weeks, the fingers have been wagging in the other direction. Senior Chinese officials are publicly and loudly rebuking the Americans on their handling of the economy and defending their own more assertive style of regulation.


Chinese officials seem to be galled by the apparent hypocrisy of Americans telling them what to do while the American economy is at best stagnant. China, on the other hand, has maintained its feverish growth.

Some officials are promoting a Chinese style of economic management that they suggest serves developing countries better than the American model, in much the same way they argue that they are in no hurry to copy American-style multiparty democracy.

In the last six weeks alone, a senior banking regulator blamed Washington’s “warped conception” of market regulation for the subprime mortgage crisis that is rattling the world economy; the Chinese envoy to the World Trade Organization called on the United States to halt the dollar’s unchecked depreciation before the slide further worsens soaring oil and food prices; and Chinese agencies denounced a federal committee charged with vetting foreign investments in the United States, saying the Americans were showing “hostility” and a “discriminatory attitude,” not least toward the Chinese.
...http://www.nytimes.com/2008/06/17/wo...html?th&emc=th
As the article further discusses, this Chinese posturing takes full advantage of Bush's waining term and our current housing/fuel price woes.
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Old 06-17-2008, 11:23 AM
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Post Re: Booming, China Faults U.S. Policy on the Economy

In high school, I had an English instructor that said China would be the next *great* U.S. competitor.
Looks like he was right.

The U.S. market will eventually correct itself. Rising gas prices in America will throw a new monkey in the works, and if things aren't returned to "normal", things will probably be slightly different.
But for now, I guess China gloats...
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Old 06-17-2008, 01:01 PM
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Default Re: Booming, China Faults U.S. Policy on the Economy

"The Americans scolded the Chinese on mismanaging their economy, from state subsidies to foreign investment regulations to the valuation of their currency. Your economic system, the Americans strongly implied, should look a lot more like ours.
But in recent weeks, the fingers have been wagging in the other direction. Senior Chinese officials are publicly and loudly rebuking the Americans on their handling of the economy and defending their own more assertive style of regulation."

Boy, talk about the pot calling the kettle black. America had better clean up its own mess before it criticises other countries.
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Old 06-17-2008, 02:28 PM
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Default Re: Booming, China Faults U.S. Policy on the Economy

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Originally Posted by marylouc View Post
"The Americans scolded the Chinese on mismanaging their economy, from state subsidies to foreign investment regulations to the valuation of their currency. Your economic system, the Americans strongly implied, should look a lot more like ours.
But in recent weeks, the fingers have been wagging in the other direction. Senior Chinese officials are publicly and loudly rebuking the Americans on their handling of the economy and defending their own more assertive style of regulation."

Boy, talk about the pot calling the kettle black. America had better clean up its own mess before it criticises other countries.
The difference is that our issues are the results of PRIVATE entities activities, while China's are teh result of their gov't's activities. China in engaging in a sort of psuedo Keynesian attempt at economic manipulation. The problem is that they are trying to bring us down, which is ultimately self-destrcutive for China. We can go on w/o China's production capacity, but China cannot go on w/o our market. A lot of people have been talking about China's growing internal market, but that internal market is still ultimately fueled by the US's demand. w/o our demand, China's whole economy will go south. Then, China will be in a world of hurt. They've got an estimated 2-3 million more young men than young women in thier country (thanks to thier "one-child" policy and the use of abortion/infanticide to have a boy instead of a girl), couple that with a sudden loss of employment due to thier gov't's economic fumbling and you have the potential for a huge problem in China.
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