Canceled.LTroll.27
Banned
The United States needs to face up to its own imbalances rather than engage in more China bashing over trade.
The West, especially the United States, needs to take a long hard look in the mirror and face up to its own imbalances. Hypocrisy is not a recipe for global statesmanship.
As the unpopular USA congress and the beleagured White House look toward the mid-term elections of 2010, Washington will up the ante on China bashing moving from a rhetorical assault to widespread trade sanctions.
The United States has already imposed trade sanctions on Chinese exports of tyres, coated paper products and steel piping and grating in recent months.
The salvo from Washington is built on hypocrisy as the United States itself should also be held accountable for the global economic imbalances.
Meaningful progress on global rebalancing could not occur without progress by both China and the United States and that China has a more optimistic prospect of achieving rebalancing.
There is good reason to believe that China is about to take dramatic steps in rebalancing its domestic economy in a fashion that would provide a sustained and meaningful reduction in its current account surplus.
China viewed the recent crisis and recession as an unmistakable wake-up call, which left the country with little choice other than to shift the sources of its GDP growth from external to internal markets.
However, it is hard to be sanguine about the outlook for America's saving and current account imbalance.
The United States, with its massive shortfall in domestic saving, has come to rely heavily on surplus saving from abroad to fund economic growth, and it must run massive current account deficits in order to attract that capital.
All nations need to be accountable for the role they need to play in driving a long overdue global rebalancing. It would be the height of folly to try and force China into a counter-productive approach.
The West, especially the United States, needs to take a long hard look in the mirror and face up to its own imbalances. Hypocrisy is not a recipe for global statesmanship.
As the unpopular USA congress and the beleagured White House look toward the mid-term elections of 2010, Washington will up the ante on China bashing moving from a rhetorical assault to widespread trade sanctions.
The United States has already imposed trade sanctions on Chinese exports of tyres, coated paper products and steel piping and grating in recent months.
The salvo from Washington is built on hypocrisy as the United States itself should also be held accountable for the global economic imbalances.
Meaningful progress on global rebalancing could not occur without progress by both China and the United States and that China has a more optimistic prospect of achieving rebalancing.
There is good reason to believe that China is about to take dramatic steps in rebalancing its domestic economy in a fashion that would provide a sustained and meaningful reduction in its current account surplus.
China viewed the recent crisis and recession as an unmistakable wake-up call, which left the country with little choice other than to shift the sources of its GDP growth from external to internal markets.
However, it is hard to be sanguine about the outlook for America's saving and current account imbalance.
The United States, with its massive shortfall in domestic saving, has come to rely heavily on surplus saving from abroad to fund economic growth, and it must run massive current account deficits in order to attract that capital.
All nations need to be accountable for the role they need to play in driving a long overdue global rebalancing. It would be the height of folly to try and force China into a counter-productive approach.
