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China urges USA to recognize market economy status of China and insists on the removal of restrictions on exports
Tuesday, 10 May 2011 18:04

 

Yesterday and today in Washington, DC was held the third round of Sino-US strategic economic dialogue. The parties discussed cooperation in the fight against terrorism, political changes that have occurred in the Middle East and North Africa. The talks were held under the theme "Building a comprehensive mutually beneficial Sino-US economic partnership." The parties discussed issues of promotion of trade and investment cooperation and improvement of the financial system, strengthen financial supervision, promoting structural adjustment, change the development model, as well as a rapid, sustained and balanced economic growth. From the U.S. at the working session was chaired by U.S. Secretary of State Hillary Clinton and Treasury Secretary Timothy Geithner. The sides with China presided over Vice Premier Wang Qishan and State Councilor Dai Bingguo, who oversees the country's leadership in foreign policy issues. During the third round of Sino-US strategic economic dialogue were discussed in detail issues relating to the establishment of Sino-American partnership and coordination of actions of the U.S. and China in regional and international issues and other issues of global significance has been discussed for consultations between two countries on peacekeeping operations, interaction in the legal field and the fight against climate change. During the bilateral dialogue, much attention was paid to the state of the national currency of the PRC. The representative of the U.S. Treasury Department said, that during the dialogue discussed the issue of China's loans, marketization of interest rates and the reform of banking institutions. In the opinion of American experts, the yuan is still artificially low, which makes products from China are cheaper in the U.S., and products from the United States more expensive in China. This resulted in an imbalance in bilateral trade - the U.S. deficit is approaching $ 270 billion. Politicians and industrialists in the U.S., Europe and Japan undervalued yuan does not like that it gives Chinese exporters an advantage due to the "artificial" the cheapness of their goods. U.S. complain, that this is the main reason for the huge U.S. deficit in bilateral trade with China. According to the American trade unions, over the past three years, a monetary policy of China has cost 2.8 million U.S. jobs. U.S. and China discussed on RMB exchange rate over two years. In June 2010, the PRC government to soften its stance and promised that the course will become more flexible. Since then the yuan has appreciated against the dollar by 2%. But U.S. officials are counting on more, according to the U.S., the yuan is undervalued by 25-40%, giving Chinese exporters an unfair advantage over their competitors and stimulates the unemployment in the U.S.. However, the representatives of China reported, that the issue of changing monetary policy is studied, but rather wait for the changes should only be restored when the demand for Chinese exports. China may allow a managed floating RMB exchange rate, if reduce the uncertainty of the economic outlook. According to representatives of Chinese yuan appreciation will not solve U.S. problems in an argument they bring the situation in July 2005 - September 2008, when during a controlled yuan to strengthen against the dollar has risen in price by 22%, but the current U.S. deficit over the same time, not decreased, and increased from $ 195 billion to $ 205 billion, even decline in 2009 of the dollar against the euro, Japanese yen and Korean vonu did not improve the U.S. trade balance with these countries. China therefore recommends that the United States instead of blaming China's undervalued yuan, the U.S. could increase its exports to China, lifting restrictions during the Cold War for export to China of high-tech products. The representative of China during the talks urged the U.S. to practice, to facilitate control over the export of high technology products, to recognize the market economy status of China. Vice-Premier Wang Qishan directly offered the U.S. "to schedule and prepare a road map for lifting of restrictions on exports to China high-tech products, to recognize market-oriented Chinese economy”. According to the representatives of China, the existing U.S. ban on exports to China high-tech products is one reason the U.S. trade deficit with China, and the sharp appreciation of the yuan will not resolve the problems the United States, and will only lead to loss of competitiveness of Chinese exports, after which the liberated China's markets can take the exporters from other developing countries, such as India and Vietnam, after that world inflation will rise even more, and additional jobs in the U.S. this measure does not add. The proposals of the Chinese side over the interests of both parties. More information about China can be viewed on our forum: http://hainanwel.com/forum/viewforum.php?f=56


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