China to flex its financial muscles at US meeting

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samuel
Posts: 2017
Joined: Fri Aug 06, 2010 1:29 pm

China to flex its financial muscles at US meeting

Post by samuel »

Vice-Premier Wang Qishan is expected to become one of China's top political leaders in 2012
Vice-Premier Wang Qishan is expected to become one of China's top political leaders in 2012
_52605951_wangqishan.jpg (15.11 KiB) Viewed 3146 times
China to flex its financial muscles at US meeting



Long a target of US criticism on a range of issues, China will raise its own urgent concerns about America's shortcomings during an annual meeting in Washington.

Led by Vice-Premier Wang Qishan, a frequent visitor to the US capital, the Chinese delegation will urge its US counterparts to tackle the country's massive budget deficit.

The US deficit is expected to swell to a record amount this year because of a weak economy and continuation of tax cuts for the rich.

Zhu Guangyao, China's vice-finance minister, told reporters ahead of the Strategic and Economic Dialogue: "We are paying a lot of attention to this."

"We hope that the United States, in its fiscal clean-up, will be able to adopt effective measures based on President Obama's proposal."

The White House is holding talks with rival Republican lawmakers to trim the budget deficit.

Top banker

Mr Zhu's comments were unusually strong for a Chinese official, especially coming just ahead of bilateral talks.

China likes to pride itself on not pointing its finger at other countries' internal policies.

But Beijing is worried, because it is America's top banker.

It has more than $3 trillion (£1.82 trillion) in foreign exchange reserves, about two-thirds of which are believed to be held in US dollars.

That means the value of China's savings is directly tied to the health of the US economy.

And some economists believe America's sovereign debt will continue to grow.

They say the US may even default on its debt in some form, if lawmakers cannot agree on how to resolve the problem.

A US default would be disastrous for Beijing, both financially and politically.

So, in a reversal of the usual roles played by rich and poor countries, China will be pressing Washington to clean house.

Mr Zhu says China wants to make sure Washington enacts policies to create jobs and drive economic expansion.

Rising renminbi
On the perennially thorny issue of China's currency, the debate may be less contentious than in years past, according to US officials.


China's currency may strengthen the most this year, amongst all Asian currencies.
That is because China is fighting inflation, a problem that is causing social and political tension.

"We absolutely see a change in tone in our discussions," says David Loevinger, a senior US Treasury official.

"They are talking more and more about how a stronger RMB can help them contain inflationary pressures in China."

Some economists believe the Chinese central bank is clearly allowing its currency to rise faster than it otherwise would, in order to reduce import prices.

China imports much of its fuel and food, including staples such as soybeans and meat.

A stronger currency would make those items more affordable, especially for hundreds of millions of rural poor.

Faster rise
China's Mr Zhu says the two sides broadly agree the yuan must continue to strengthen against the US dollar, but they differ on the speed of appreciation.

For years, Washington has pushed Beijing to allow the yuan to rise faster.

China granted that wish in 2005, when it ended its peg against the US dollar.

Since then, the yuan has risen by almost 30% against the greenback.

But US manufacturers say the Chinese currency should strengthen by another 40%.

And within the US government, some lawmakers regularly accuse Beijing of manipulating its currency, which they say costs American jobs.

The US Treasury has delayed issuing a report that could have named Beijing a currency manipulator.

Treasury Secretary Tim Geithner, who is co-leading the US delegation along with Secretary of State Hillary Clinton, is likely to push his Chinese counterparts behind the scenes.

The Strategic and Economic Dialogue was started five years ago to give the world's top two economies a regular chance to meet face to face.

As China grows in confidence, and economic power, it is sure to seize the opportunity to tackle its own concerns as an equal partner.
samuel
Posts: 2017
Joined: Fri Aug 06, 2010 1:29 pm

中美對話談人權唇槍舌劍

Post by samuel »

中美對話談人權唇槍舌劍

希拉里﹕阻歷史徒勞無功 王岐山:中國不會發生革命

中美第三輪戰略與經濟對話首日會談結束,雙方在人權問題上針鋒相對,美國總統奧巴馬在會見中國副總理王岐山和國務委員戴秉國時,對中國人權狀況表示關注。國務卿希拉里更罕見地對美國傳媒批評北京打壓人權、阻止歷史前進的做法是「徒勞無功」。國務院副總理王岐山則表示,阿拉伯世界的革命不會發生在中國。香港時間今日上午,中美雙方代表將共同會見記者。

白宮新聞稿說,奧巴馬在當地時間9日的會晤中提到中國人權狀況,並強調他支持言論和資訊流通自由,以及政治參與權利等普世價值。據中新社引述戴秉國回應說,中國在人權領域取得了有目共睹的歷史性進展,中美雙方應在平等和相互尊重基礎上開展人權交流與對話,求同存異,妥善處理分歧。

奧巴馬關注中國人權狀

最新一期《大西洋》(the Atlantic)月刊在中美對話之際刊出對國務卿希拉里的專訪,希拉里在專訪中形容中國的人權政策是「悲慘的」(deplorable),認為北京對於阿拉伯世界的革命很「恐懼」,企圖阻止歷史前進,但只能是徒勞無功,「他們做不到的,但他們在試圖盡可能久地維持下去。」

王岐山在接受美國彭博電視台專訪時則稱,「我不認為像阿拉伯世界那樣的革命會發生在中國。」他說,美國傳媒向民眾呈現的是一個「有限的、扭曲」的中國,「真正了解中國並不容易,因為中國是一個文明古國,屬於東方文化」,王岐山說,「美國是世界第一的超級大國,而美國人民是非常單純的。」

王岐山﹕美國人民非常單純

王岐山在經濟對話中呼籲美方明確落實對話成果的時間表和路線圖,包括切實放寬對中國高技術產品出口管制以及承認中國市場經濟地位。王岐山還呼籲美方公平對待中資企業赴美投資,避免經貿問題政治化,真正造福於兩國人民。

商務部部長陳德銘亦透露,中方在經濟對話中指美國限制對華高科技產品出口失去很多中國商機,其實是對美國企業不公正;美國還對2000多種中國產品實行許可證管理,亦對中國企業不公正。他又稱,中國企業反映,美國的外國投資委員會的安全審查不公開、不透明,但當中方審查美國企業投資時,美方又指摘中方不透明。中方希望美國能夠公正對待中國企業赴美投資,包括對中國的國有企業。
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