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US hopes China talks spur economy, job creation
By MARTIN CRUTSINGER (AP) – 8 hours ago
...the Obama administration intends to remain focused on the trade gap. It plans to stress at the talks Monday and Tuesday that China can't rely on U.S. consumers to pull the global economy out of recession this time. In part, that's because U.S. household savings rates are rising, shrinking consumer spending in this country.
"Perhaps the most important message we are going to have for the Chinese is that there has been a fundamental change in the U.S. economy," said a senior administration official, who briefed reporters on the meetings under rules that did not permit use of his name. "The U.S. economy is going to recover, but it is going to be a different type of recovery than what the Chinese have seen in the past."
That change will mean that the Chinese won't be able to rely on booming U.S. demand for Chinese goods to lift their economy. Instead, they will have to shift from an export-led economy to growth that's fueled in large part by rising Chinese spending.
The Chinese are bringing a delegation of 150 officials, one of the largest ever to visit the United States. Highlighting the importance of the meetings, President Barack Obama will address the opening session.
Chinese officials are making clear they want further explanations of what the administration plans to do about the soaring U.S. budget deficits. China, the largest foreign holder of U.S. Treasury debt — $801.5 billion — wants to know that those holdings are safe and won't be jeopardized in case of future inflation.
"The Chinese delegation, especially Vice Premier Wang, will make the request that the U.S. side should adopt responsible policies to ensure the basic stability of the exchange rate of the U.S. dollar and protect the safety of Chinese assets in the United States," Zhu Guangyao, an assistant Chinese finance minister, told reporters in Beijing.
The Chinese are likely to hear a repeat of the assurances Geithner gave them when he visited China last month. He said then that the administration is committed to cutting the U.S. budget deficit — expected to hit $1.84 trillion this year — in half once the emergency spending to ease the recession and the financial crisis are no longer needed.
Perhaps the most important message we are going to have for the Chinese is that there has been a fundamental change in the U.S. economy
Originally posted by ProtoplasmicTraveler
Yet it's important to remember American Corporations for all intents and purposes own and control China.
American Corporations turned China into what it is today not the Chinese.
Originally posted by ProtoplasmicTraveler
As difficult as things are here in America, China sure does have a looming problem on it's hands.
American Corporations have transformed the face of the Communist State in barely a decades time into a highly industrialized, highly mechanized, consumer oriented society from an agrarian mostly peasant society.
It obviously seemed like a great idea to the Chinese who had been experimenting with free trade in a free trade zone in the south of the country across from what was then British controlled Hong Kong at the time and then ran with it big time with the aide of American Corporate investment once Hong Kong reverted back to Chines Control in 1999.
Here they are in 2009 with what is practically a huge white elephant on their hands of new factories, new cars, new roads, new services, new regulations all aimed at capitalizing on something that has dried up on them.
I am still not sure if the Powers that Be are redistrubiting wealth to China because of it's huge potential as a market, or if they have done this purposefully to sew the seeds of disent and revolution in China when the collapse economically because their economy is attached to U.S. Spending.
Either way it looks bad for China and bad for us.
Originally posted by Zosynspiracy
China can produce what their country consumes. America doesn't produce hardly anything it consumes. If times get tougher China, regardless of population, can weather it much better than the US.
World’s largest manufacturer
Filed under: Miscellaneous, Politics
What country is the world’s largest manufacturer by a huge margin? If you have a kid, you would think it must be China — I don’t know the last time I saw I toy (or anything else, really) that wasn’t made there.
Accounting for more than 20% of the world’s total manufacturing output is the United States.
Japan is a distant second at just over 13%. Then China (12%), and Germany (8.2%). Then, well, everyone else. (Data come from the Dept. of Labor and the United Nations.)
Could you please stop posting - you don't actually KNOW what you are talking about - seriously mate.
For a start you seem to think the US is somehow bigger than the EU - weird case of mental mismanagement. Second you have a very, very vague sense of the reality of China - is has well over a dozen cities which are all bigger than anything in America.....and has had for well over a century - in fact China has had a greater urbanized population than America for well - EVER. Yes China also has a HUGE agrarian population - as does the US - but still its urbanized population has always, and will also far outstrip the US.
You seem to not even know the dates of the British Mandate conclusion - 1999??
China has been an emerging power for well over 17 years, as a start - further - America had nothing to do with the transformation - in fact the US was dead keen on South America and only FOLLOWED the rest of the world in outsourcing and capital investment in China - OK - secondly the VAST majority of US imports from China are tech products which America never exported - TV's, Videos, Microwaves, etc - which Japan and Korea exported to China. In fact the American export of capital is only now heating up
Originally posted by SLAYER69
reply to post by ProtoplasmicTraveler
China's growth in "production" will not help the world's economy out of it's present situation. Countries need a market for their products so they can put their people back to work. That's where the US and EU come into the picture. We are both producers and consumers.
All this gloom and doom does is prolong the crises.
China is a producer nation right now. If they want to maintain their growth they will have to turn inward and create a consumer market for their own trinkets the US and EU will no longer be able to support that level of growth and the Chinese are learning those very cold hard facts.
SHANGHAI — For several years, the prevailing winds blowing over the African continent have come from China.
With President Barack Obama’s visit to Africa, America’s approach to the continent seems poised to emerge from a long, deep sleep. It is true that the administration of George W. Bush began some experiments worthy of mention, notably conditioning American assistance on economic management and other measures of good governance. But this represents more of a fine-tuning of a longstanding American approach to Africa than it does any truly new departure. Over the past eight years, Washington also emerged as a much more vigorous partner in African health, notably in fighting AIDS.
Originally posted by audas
US imports from China are tech products which America never exported - TV's, Videos, Microwaves, etc - which Japan and Korea exported to China. In fact the American export of capital is only now heating up -
"We will work to increase our imports from the United States," he said, adding: "We hope the U.S. will relax its controls and restrictions on exports to China of its high-tech technologies."