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The war of nerve between Paulson and the Chinese counterpart – will China blink?
Marla Guthrie
May 23, 2007
China is now going on defensive. The slow rise in Yuan against US Dollar is not acceptable to the Americans. The war words has also started. China is accusing US of its own fiscal and economic troubles and not to blame China for that. It is a classic Chinese statement that is going on since early nineties. At the same the Americans are correctly pointing to unfair trade practices by China, artificially lowering of their currency against US Dollar and explicit violation of intellectual property rights.
Paulson warned China that this week's economic talks must produce concrete results, if tensions between the two countries are to ease. But China is looking in a different direction – or at least trying to. Here lies the real problem for China to oblige America. The state-run enterprises in China have collapsed. Twenty-five million Chinese are losing their job in China’s state run sectors. These workers need to be rehabilitated in jobs from exports. Exports are robust as long as China can keep its currency lower and keep dumping goods and services in the US market.The biggest question is – will China blink this time? China cannot expect America to solve Chinese domestic unemployment problems forever.
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