www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

US EUROPE AFRICA ASIA 中文
Business / Economy

China expert puts US relations on the couch

By ANDREW MOODY (China Daily) Updated: 2014-08-11 10:18

It was the year that Deng Xiaoping set China on its reform and opening-up course when, according to Roach, its economy was "on the brink of collapse".

China expert puts US relations on the couch

China expert puts US relations on the couch

Meanwhile, the United States economy was mired in "stagflation" and needed a new growth model.

"Out of necessity, both countries came together and formed a marriage of convenience. The United States needed cheap Chinese goods to make it happen. China needed foreign consumption in order to become the ultimate production machine.

"Chinese savings then became a support for America's growth model which needed Chinese demand for its treasuries (US Treasury bills)."

Roach says the problem with this codependency was that it was pushed "too hard for far too long" until cracks began to appear.

"Both economies started to feel the weight of imbalances and frictions that raised sustainability issues of their own."

He argues in the book that 2007 was the next pivotal year in the relationship.

It was Wen Jiabao, then Chinese premier, who warned the Chinese economy was "unstable, unbalanced, uncoordinated and ultimately unstable" in what has since been referred to as "The Four Uns".

"He was bold enough to make the criticism while the economy was strong and in surplus. It was also a pivotal year in the United States since in the second half we had the first manifestations of the subprime crisis that nearly brought the entire financial system to failure."

Roach says that 2013 was the third significant date in the relationship when it became clear that China had fully taken on board the dangers of co-dependency while the United States was still largely in denial.

He contrasts the whole series of economic rebalancing measures set out in the Party's Third Plenum last October against the political paralysis in the United States in its failure to agree a new federal budget.

"A month after the Third Plenum, we shut our government down for 16 days. So of the two co-dependent partners, only one accepts the need for change."

This situation where only one partner to the relationship accepts the need to change is part of the "unbalanced" nature of the two countries' relations that provides the title of Roach's book.

The author argues in the book that the relationships between the key individuals on both sides, particularly between former Federal Reserve Bank chairman Alan Greenspan and China's reforming premier Zhu Rongji and, more recently, Wen and Greenspan's successor, Ben Bernanke, have been intriguing. His book devotes a couple of chapters to this.

"Despite coming from different systems, the problems they had to grapple with were in many ways similar. They were also people who knew each other and therefore had an understanding of each other's issues."

One issue that has provided a distraction for policymakers has been the financial crisis.

Does Roach believe that the global economy is beginning to move away at last from the disaster that befell it six years ago?

"I think the problem is that we are moving so slowly that it still looms larger in the rearview mirror than we would like.

"The US is widely viewed as the engine of the developed world, but it is not much of an engine if it can produce only zero growth, as it did in the first half of this year."

Roach is interested in the debate prompted by French economist Thomas Piketty's book, Capital in the Twenty-First Century, which he is one of the few to have read cover to cover, if the recent Amazon survey is to be believed.

"I like the book. It is perhaps too long and covers too much, but there is a lot of valuable data and good insights that give you pause. I think he (Piketty) perhaps views himself more as a challenge to the economic orthodoxy than he actually is."

As for China, which Roach has visited four times already this year, he is confident about the current economic reforms.

"Last year was the first time in modern Chinese history when the tertiary or services sector was larger than the secondary one," he says.

Hot Topics

Editor's Picks
...
...
主站蜘蛛池模板: 国产精品久久久 | 免费成人 | 美国一级免费 | 大陆老头xxxxxhd| 日本精品视频一区二区三区 | 韩国一级特黄清高免费大片 | 亚州男人天堂 | 成人综合在线观看 | 91精品一区二区三区在线观看 | 特黄特色一级特色大片中文 | 日本人的色道www免费一区 | 亚洲国产成人最新精品资源 | 久久国产精品免费观看 | 欧美精品99久久久久久人 | 在线中文字日产幕 | 欧美综合成人 | 色天使色婷婷在线影院亚洲 | 久久久免费观成人影院 | 成 人 a v免费视频 | 久久99精品综合国产首页 | 午夜欧美精品久久久久久久久 | 久久久久久99精品 | 国产精品亚洲第一区柳州莫青 | 在线观看亚洲免费视频 | 欧美精品a毛片免费观看 | 国内高清久久久久久久久 | 一区二区成人国产精品 | 亚洲欧美日本综合一区二区三区 | 国产精品成人久久久 | 成人国产精品免费视频不卡 | 欧洲一级大片 | 亚洲日产综合欧美一区二区 | 性感一级毛片 | 天天综合色一区二区三区 | 国产精品一区二区丝瓜 | 日韩欧美一区二区久久 | 久久精品2020 | 国产精品久久九九 | 日韩欧美一区二区三区在线观看 | 久久女厕一次看个够 | 成人18视频在线 |