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Paulson says Americans should not fear Chinese economic clout
Thailand News.Net
Wednesday 20th August, 2008 (Michael Bowman )
U.S. Treasury Secretary Henry Paulson says Americans should not fear China's growing economic clout, but rather see it as an opportunity that can benefit both China and the United States, if the two countries forge a successful strategic economic relationship in the years ahead.
The last decade has seen China emerge as a global economic powerhouse, with astonishing growth rates averaging nearly 10 percent a year and large trade surpluses. Some economists say, by the middle of this century, China's economic output could match or possibly exceed that of the United States.
Given a slowing U.S. economy, the loss of American manufacturing jobs overseas, and America's reliance on China to help finance the growing U.S. national debt, polls show many Americans apprehensive about the current trajectory of U.S.-Chinese economic relations.
Treasury Secretary Paulson says Americans should not feel threatened by China's economic success.
'Frankly, China's economic growth is important to global economic growth, and is a positive for the United States. The real concern should be, if China stumbles or has problems along the way, and that this hurts global markets, the global economy, hurts our economy,' he said.
Paulson was speaking in a conference call with reporters. He made a similar argument in an article appearing in the current issue of Foreign Affairs magazine. In the article, Paulson urged the next U.S. president to expand the U.S.-China strategic economic dialogue, which began two years ago, and provides a regular forum for officials of both nations to address issues of mutual economic concern.
Paulson says there are many areas where the United States and China can cooperate. As an example, he pointed to energy and environmental matters.
'We have very much of a shared interest in the energy area. We are both very large importers of oil; we share the same energy security issues; we both are hurt by disruptions, and we both benefit if there is more efficiency,' he added. 'There are a number of ways we can collaborate. And on the environmental issues, we cannot solve climate issues without cooperation and engagement with China and the development of new technologies.'
While stressing the positive aspects of a deepening U.S.-Chinese economic relationship, Paulson is urging China to allow its currency to appreciate, to allow its citizens to spend more freely, to reduce restrictions on foreign investment, and to better protect intellectual property rights.
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Comments on this story
Anonymous
08-20-08, 01:41 PM |
Paulson says Americans should not fear Chinese economic clout
Paulson, once you leave the office, be sure to turn off the lights. Paulson, you like China so much, why not move to work there and to marry Wu Yi and have a family in there, but don’t trade and down grade the United States of America. The 2009 McCAIN administration DON’T need Harvard’s lousy MBA. The good news to the 2008 Presidential Hopeful Sen. JOHN McCAIN is that our American’s hard-earning US dollar value is rebounding “gradually” towards appreciation, the upside above the British Pounds staying this way till the 1st half-of-2009. Gasoline price will slip continually.
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` ~galljdaj+
08-20-08, 04:45 PM |
Well mr.paulson, dis Carlyle give you one of those 1 Million dollar Shanghai Homes?
You and how many other US cORPORATE lEADERS have led the way investing in China over the US Citizen Workers?
Quite a few for sure!
What percentage of the US 'FALL', do you attribute to the leader’s failure to lead Americans?
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Anonymous
08-21-08, 02:25 AM |
stop whining that your credit has run out.
US Citizen Workers?
Wishes aint dishes .
What percentage of the US 'FALL', do you attribute to the leader’s failure to lead Americans?
But ,they did lead!
Bankers and People like Paulson did lead .They led americans to the credit trough and a good time was had by all.For a few years.
but the ponzi scheme selling of dud AAA branded bonds scam internationaly has run out of steam (including fannie and freddie bonds ) and credit has run out.Even wars for cheap oil could not hold the system together.
whoever told you that capital was patriotic and US capitalism leaders had an inborn genetic desire to emply unproductive - of- profits 'US citizen Workers”?
The world does not owe you a living.Capital and its manufacturing plants moved to china to get cheap profit producing labour they could not find in america.the chinese ,the Japanese and the Arabs even lent you the money to buy the cheap goodies and your house on credit.
Pay your interest bills up America and stop whining.tighten your belts.The strong dollar has gone forever.
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` ~galljdaj+
08-21-08, 07:39 AM |
I hear a sore toed lil boy.
This US Citizen is not afraid to be known as the Poster of My Comments/Postings! And to stand behind them!
Challenging liars and thieves to accounting maybe “whining” to you, but then your post accomplishes what? You might just critique it with the dictionary definition of whining.
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Anonymous
08-21-08, 09:24 PM |
standing behind and leading.
` ~galljdaj+;97975:
This US Citizen is not afraid to be known as the Poster of My Comments/Postings! And to stand behind them!
Challenging liars and thieves to accounting maybe “whining” to you, but then your post accomplishes what? You might just critique it with the dictionary definition of whining.
Yes, and bush and paulson claim to “stand behind “the 'strong 'dollar too.
But the strong dollar was based on dollar hegonomy and credit supply from the third world .Empire profits subsidising the incomes of the unproductive US “citizen workers." US interest payments ,on the trade balance and war deficits have mounted up.Credit has dried up.
Even the leadership of a Chavez could not change that reality of income and interest and trade balances .venezuala real has oil INCOME to play with.
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