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Strategies & Market Trends : China Warehouse- More Than Crockery -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (3743)	11/23/2004 2:33:23 PM
From: RealMuLan	Read Replies (1) \| Respond to of 6370

"China's custom is that we never blame others for our own problem. For the past 26 years, we never put pressure or problems on to the world. The US has the reverse attitude, whenever they have a problem, they blame others," he said. "The appreciation of the (yuan) will not solve the problems of unemployment in the US because the cost of labour in China is only 3 pct that of US labor, they should give up textiles, shoe-making and even agriculture probably," Li said. "They should concentrate on sectors like aerospace and then sell those things to us and we would spend billions on this. We could easily balance the trade," he was quoted as saying. The central bank official also said his country did not want to run trade surpluses or accumulate foreign currency reserves. "If there is a small deficit, we are not concerned. But certainly we don't want to run into the US situation of having a trade deficit of 6 pct of GDP," he said "That is not sustainable,"he added futures.fxstreet.com