Hu Says China's Growth Is Facing 'Notable Downward Pressure'

Hu Says China's Growth Is Facing 'Notable Downward Pressure'

www.bloomberg.com

“Economic growth is facing notable downward pressure, some small and medium enterprises are facing a hard time and exporters are facing more difficulties,” Hu said yesterday at the Asia-Pacific Economic Cooperation CEO Summit in Vladivostok, Russia. “We have an arduous task of creating jobs for new entrants to the labor force.”

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The world economy is more and more reliant on lower prices provided by the extensive cheap labor in East Asia. Any type of Chinese recession or stagnation won't assist the Western recovery.

Or do you think there is a positive spin to put on this? American geopolitical positioning, maybe. Jobs coming back here, maybe.

I think a slower China is a negative development, but I'm no expert economist.


www.bloomberg.com
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reply to post by PatrickGarrow17

China is the biggest foreign buyer of U.S. debt, and the U.S. is the single biggest buyer of China's exports. Together, these two economic giants form the most important coupling in the global economy, but that relationship is now being threatened by mutual distrust, says Kenneth Lieberthal, director of the John L. Thornton China Center at the Brookings Institution.

Yahoo finance

Some economists question whether China's exchange rate policies vis-à-vis the United States and its use of U.S. dollar reserves can be considered "predatory"--designed to depress the value of the yuan and push cheap Chinese goods into U.S. markets.

Council on Foriegn Relations

To address challenges to the global economic outlook, the United States and China pledge to enhance macroeconomic cooperation to work to ensure that the global recovery is durable and promotes steady job growth, and to establish strong, sustainable, and balanced future global growth. The United States and China commit to take comprehensive policy measures to achieve more balanced trade and expanded investment in each other’s economies. China wishes to increase imports from the United States, including in commercial high technology products.

Whitehouse.gov joint fact sheet

One key benefit from this shift could be seen in what is called "trade rebalancing," says Michael Klein, a professor at Tufts University's Fletcher School and a nonresident scholar at the Brookings Institution. As the export-heavy Chinese economy dials back its trade surpluses, other countries could benefit, along with the Chinese people.

US News

The U.S. and Chinese economies -- the world's largest and the fastest-growing major economy, respectively -- have become inextricably intertwined, locked in a kind of co-dependency that neither side thinks is particularly healthy, but which for the moment neither will move to break.

Washington Post

CHINA POLICY: Romney wants much of that bigger defense budget to build more ships for the Navy, with an eye on China’s rise. He would increase the Navy’s budget for warship construction BY a half-dozen more major vessels to be built every year — roughly a 66 percent increase over current policy. Obama, meanwhile, has “rebalanced” U.S. foreign policy toward Asia, taking a somewhat hawkish approach toward Beijing in the process. But Obama is less likely than Romney to view the U.S.-China relationship in adversarial terms. Both promise tougher economic measures toward China. But again, Romney proposes the harder line.

Politico

Republican presidential candidate Mitt Romney’s promise to get tough with China may fall on receptive ears in the U.S., but in China his vow has barely registered, much less caused alarm.

Bloomberg

A lot of information there for anyone who wants it.

In my opinion, China-US relationship isn't getting enough run here. This is the topic that will define the 21st century.

Thread on Confucian thought as a means in solving US problems and the lack of attention given.Confucian Solutions