China Warehouse- More Than Crockery Message Board

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Strategies & Market Trends : China Warehouse- More Than Crockery

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To: RealMuLan who wrote (1824)	12/9/2003 12:10:35 PM
From: RealMuLan	Read Replies (1) of 6370

China's Premier Wen Jiabao has been working hard to show his friendliness towards US business interests ahead of his meeting with President Bush. Mr Wen (centre) wants the US to drop hi-tech export bans He rang the opening bell at the New York Stock Exchange, and told the American Bankers Association (AMA) that he had come "to seek friendship and co-operation, and not to fight a trade war". ... Hidden benefits Not all economists think US criticisms of China are fair. China is sucking in more imports Many see the shift in manufacturing jobs to Asia as inevitable, pointing out that manufacturing's role in the US has shrunk in favour of services. They argue that US consumers benefit from cheap Chinese goods and would simply have to pay more - and want higher wages - if China succumbed to pressure to revalue the yuan. US industry would be the ultimate losers, they say. Roughly 60% of US manufacturing investment in China since the early 1980s has been channelled towards producing goods for export, often back to the US, estimates Morgan Stanley chief economist Stephen Roach. Nobel prize winner Professor Joseph Stiglitz has criticised US hypocrisy over free trade, saying Washington's commitment to dismantling trade barriers is jettisoned as soon US industry faces challenges to its pre-eminence. China has merely replaced Japan as the main US target, he says. Furthermore, China is now being attacked for same stable exchange rate policy that helped to contain the meltdown of the Asian financial crisis, winning praise at the time. The US trade deficit with China fails to reflect exports of services to China, says CSFB's Mr Tao. However, it does bundle in the made-in-China products of firms from other Asian nations. ... news.bbc.co.uk

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