<tt id="6hsgl"><pre id="6hsgl"><pre id="6hsgl"></pre></pre></tt>
          <nav id="6hsgl"><th id="6hsgl"></th></nav>
          国产免费网站看v片元遮挡,一亚洲一区二区中文字幕,波多野结衣一区二区免费视频,天天色综网,久久综合给合久久狠狠狠,男人的天堂av一二三区,午夜福利看片在线观看,亚洲中文字幕在线无码一区二区

          Economy

          US experts: Yuan bashing not the solution

          By Chen Weihua (chinadaily.com.cn)
          Updated: 2010-09-17 11:46
          Large Medium Small

          NEW YORK?- Shortly before US Treasury Secretary Timothy Geithner testified before the Senate Banking Committee hearing on China's industrial policy, two high-caliber economists said that the high US trade deficits with China is an issue driven by the low US savings rate and election politics rather than the Chinese exchange rate.

          Stephen Roach, non-executive chairman of Morgan Stanley Asia and a senior lecturer at the Yale School of Management, told some 200 Council on Foreign Relations members Thursday morning that the main problem in the US is the lack of national savings.

          "We are deluding ourselves if we think that we are going to solve our problems by bashing the Chinese," said Roach, who has testified many times before Congress on the subject of Chinese currency.

          "We need to import surplus savings from abroad in order to grow, and we have to run this massive current account and multi-lateral trade deficits to attract the capital. If we pass a currency bill and don't save, which we are not going to do, the Chinese piece of multilateral balance goes somewhere to a higher cost producer that will tax the American public," warned Roach.

          Related readings:
          US experts: Yuan bashing not the solution China: Pressure on yuan 'may backfire'
          US experts: Yuan bashing not the solution Yuan appreciation will not help trade deficit
          US experts: Yuan bashing not the solution China rejects US RMB exchange rate accusation
          US experts: Yuan bashing not the solution 
          Yuan rises to new record against US dollar Thursday

          "Congress is clueless in understanding this," he said.

          With the election season in hand, the drumbeat of Congress getting louder and the Obama administration and the Democratic Party in general in serious trouble, the rhetoric becomes dominated more by politics than by global macroeconomics, according to Roach.

          He shows his understanding of the Chinese currency policy. "They have a policy that gives them more leeway to vary the RMB, and they have elected in a still extremely fragile global climate to be very cautious and judicious in a way in which they let their currency fluctuate," Roach said.

          While politicians in the US refer to Chinese currency policy as manipulation, "the Chinese and others, including myself, refer to this as focus on stability anchor in an embryonic financial system. And given what's going on in the world's financial market in recent years, having a stability anchor policy is not particularly a bad thing," he said.

          Jacob Frenkel, chairman of JPMorgan Chase International, said that given the extremely high savings rate in China and extremely low savings rate in the US, there is no doubt that the country that saves a lot will export its goods abroad and a country that consumes a lot more than it produces will import from the rest of the world.

          "The change in Chinese exchange rate will not solve the problem unless the savings gap between China and the US also changes," said Frenkel, former governor of Bank of Israel.

          While acknowledging that it's a choice up to the Chinese, the US could talk the Chinese into having a constructive discussion about narrowing the savings gap, citing the high savings rate in China as a result of its underdeveloped social security system and underdeveloped pension system as well as a growing aging population.

          He suggested the US help design a program for China where people don't have to save so much in order to secure their future. "We will help you develop your financial market. And the beauty of the financial market is that when you develop it, you can transfer purchasing power from the present to the future and from the future to the present in an easy way," Frenkel said.

          "That will translate and transform the debate from an exchange rate rivalry into a constructive structural development that is win-win for everyone," said Frenkel, also chairman of the Group of Thirty, an international body of leading financiers and academics that aims to deepen understanding of economic and financial issues and to examine consequences of decisions made in the public and private sectors, including the foreign exchange issue.

          Roach, who has spent a lot of time in China and other parts of Asia, assured the audience that China needs to continue its rapid growth. "If they don't have the external support, they are going to turn internal," he said.

          "I can promise you that they are looking very very hard, not just at the social safety net, but at a lot of other measures that will stimulate internal private consumption," said Roach, who predicts that China is going to raise its consumption share of the GDP by at least 5 percentage points in the upcoming five-year planning and draw down their national savings.

          "By the way, they will then have less surplus savings to send our way, and how the heck we are going to finance our budget deficits? So be careful what you wish for," said Roach.

          主站蜘蛛池模板: 亚洲国产成人无码电影| 国产av第一次处破| 爱情岛亚洲论坛成人网站| 97免费人妻无码视频| 亚洲AV无码久久精品日韩| 国产宅男宅女精品A片在线观看| 99热在线只有精品| 深夜福利资源在线观看| 思思热在线视频精品| 天堂网在线观看| 少妇又爽又刺激视频| 亚洲精品国产字幕久久不卡 | 国产成人综合在线女婷五月99播放| 亚洲色一色噜一噜噜噜| 宅男噜噜噜66在线观看| 国产乱码一二三区精品| 国产台湾黄色av一区二区| 久久96热在精品国产高清| 国产玖玖玖玖精品电影| 国产精品久久久久久无毒不卡 | 99热久久这里只有精品| 亚洲第一视频区| 国产成人综合亚洲欧美日韩| chinese极品人妻videos| 亚洲国产欧美在线人成AAAA| 国产高潮刺激叫喊视频| 91网址在线播放| 国产按头口爆吞精在线视频| www.一区二区三区在线 | 中国| 亚洲av永久无码精品漫画| 亚欧色一区w666天堂| 日韩丝袜欧美人妻制服| www.亚洲国产| 无套内射视频囯产| 色综合天天综合婷婷伊人| 农村妇女野外一区二区视频| 在线观看热码亚洲av每日更新| 亚洲综合国产成人丁香五| 国产女同疯狂作爱系列| 极品无码国模国产在线观看| 在线观看无码不卡av|