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Strategies & Market Trends : China Warehouse- More Than Crockery
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To: RealMuLan who wrote (759)9/17/2003 5:11:03 PM
From: RealMuLan  Read Replies (1) of 6370
 
Steve Forbes offers firm words regarding China's monetary policies and the WTO

Shanghai. (Interfax-China) - The 2003 Forbes Global CEO Conference opened in Shanghai today with fanfare and staunch words from CEO Steve Forbes regarding China's monetary policy and the split between developed and developing nations of the World Trade Organization (WTO).

First came the staunch words. Forbes was not shy about sharing his opinions concerning the Chinese government's policy of steadfastly pegging China's currency, the Reminbi, to the U.S. Dollar. At the opening press conference for the Forbes Global CEO Conference, which Interfax attended, Forbes expressed his belief that the Reminbi was only slightly undervalued and stated his opposition to a revaluation of the Chinese currency.

"I am against the positions taken by American Treasury Secretary John Snow," Forbes said. "Little good would come from a small revaluation of the Reminbi. To put it bluntly, a revaluation of the Reminbi would be a waste of time."

Moreover, Forbes argued that instead of adjusting exchange rates, the economies of both China and the U.S. would be better served if trade barriers were further reduced. He cited a 15% export tax currently being imposed by the Chinese government as an example of a government policy that was hindering growth, and recommended Chinese authorities eliminate such taxes. American authorities, contested Forbes, should also lower taxes on businesses.
interfax.com
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