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Are the global imbalances in trade all China's fault?
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Before the financial crisis, some advanced countries (led by the United States) were overspending, and some poorer countries (led by China) were oversaving. The two offset each other. The big spenders ran large trade deficits, and the big savers ran large trade surpluses.
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In practice, it may boil down to this: Will China change?
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Pressure is on China to revalue the RMB, but it's unlikely to happen anytime soon. Why? Read to find out...
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China allowed the yuan to rise by 21% against the dollar in the three years to July 2008, but since then it has more or less kept the rate fixed. As a result, the yuan’s trade-weighted value has been dragged down this year by the sickly dollar, while many other currencies have soared. Since March the Brazilian real and the South Korean won have gained 42% and 36% respectively against the yuan, seriously eroding those countries’ competitiveness.
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exchange-rate policy is decided by the State Council, not the central bank. And many policymakers, notably in the Ministry of Commerce, do not favour a revaluation right now.
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China and the US have a complicated relationship when it comes to trade. It may be changing in the future due to the recession in America, but for some that change can't come fast enough!
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China, a developing country, lent vast amounts of money to wealthy America to feed its spending habit. Americans spent the money on Chinese-made goods, sending the dollars back to China, which lent them to America again.
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for its growth, and on America in particular. By 2007 the value of China’s exports amounted to about 36% of its GDP, up from just over 20% in 2001.
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This article talks about the weak RMB and how it affects trade between the US, China and Europe
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The Americans get the toys, the Chinese get the Treasuries and we get screwed.” Thus a European Union official once characterised the pattern of Beijing accumulating US assets by selling renminbis for dollars, while nothing stood in the way of a rapid and destabilising appreciation of the euro.
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A string of countries including Thailand, Malaysia and South Korea have intervened either verbally or in the foreign exchange markets in recent weeks to slow the rise of their currencies.
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Shanghai ranked one of the best cities in the world for global commerce:
"Shanghai jumped into the top 25 in this year’s index, joining seven other Asian cities in this group with an eight-position jump that was the most of any city in the index. Among the world’s most populous and fastest-growing cities, Shanghai’s position in the index was bolstered by its economic stability, its legal and political framework, an increased quality of life and China’s booming economy."
"The international rating agency, Fitch, believes that neither this year's heavy snow nor strong earthquake will have much of a negative impact on China's economy..."
Is China's economic success a result of the government's close management of market activity? Or is China's economic success actually a myth in itself? As the author says "While it had been thought that 100 million Chinese live on less than one dollar per day, there are actually 300 million Chinese living on less than one dollar per day."
The author refutes claims that close government regulation creates higher, more long term growth, claiming that "We can see the strength of the case for economic freedom even more clearly through proper economic theorizing. Free-market economists like Friedrich Hayek and Ludwig von Mises arrived at the proper conclusions regarding socialism and interventionism long before the evidence on modern state planning was in."
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Chinese success in recent decades proves that government planning is a better path. Countries that follow the "free-trade" neoliberal path will lag behind while regulated economies, like China, come to dominate the global economy.
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As of 2008, China ranked the 126th freest economy, in the "mostly unfree" category of the most recent Index of Economic Freedom.
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China has made its first steps towards competing with the giants of the jumbo jet industry, Airbus and Boeing. It will take a while to achieve the economies of scale required to compete in the global market, but a heavy dose of government backed investment may be enough to get the Shanghai based compnay off the ground.
We hear so much about China's emergence as an economic superpower that we may forget what a naturally beautiful and geographically diverse country it is. This slideshow from National Geographic offers a little perspective of the true beauty of the fastest growing country in the world.
What's got the Chinese populace so enraged, and what does it mean for the Communist government? Interestingly, Chinese rage runs deeper than the backlash on the Tibet issue and the West's reception of the torch relay, and extends deep into the economic and environmental issues still plaguing the country's urban and rural populations alike
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