Archive for the ‘protectionism’ Category

China’s President Gives Grim Economic Assessment

November 30, 2008

Chinese President Hu Jintao warned at a weekend meeting of the Communist Party’s elite Politburo that China is losing its competitive edge as international demand for its products is reduced, according to official state media reports Sunday.

China’s growth rate has been forecast to be about 9 percent in 2008, down from 11.9 percent the year before and close to the 8 percent that economists say China must maintain in order to keep the labor market stable.

“China is under growing tension from its large population, limited resources and environment problems, and needs faster reform of its economic growth pattern to achieve sustainable development,” Hu said, according to the People’s Daily newspaper, the official Communist Party newspaper. He did not provide specifics. 

By Maureen Fan
Washington Post Foreign Service

Chinese President Hu Jintao speaks during a news conference ...
Hu Jintao by Reuters

“External demand has obviously weakened and China’s traditional competitive advantage is being gradually weakened,” as international demand is reduced, Hu told members of the Political Bureau of the party’s Central Committee, according to the state-run New China News Agency.

Protectionism has also started to increase in investment and trade, Hu added. China’s export growth in October was 19.2 percent, down from 21.5 percent in September.

Read the rest:
http://www.washingtonpost.com/wp-dyn/content/article/
2008/11/30/AR2008113000773.html

Advertisements

U.S. Treasury Secretary Wants Faster China Yuan Rise

October 23, 2007

By Glenn Somerville

WASHINGTON (Reuters) – Treasury Secretary Henry Paulson repeated on Tuesday that China needs to let its currency rise in value more rapidly and warned that U.S.-China relations were under threat from rising protectionism.
Treasury Secretary Henry Paulson is pictured during a G7 finance ... 
Henry Paulson

“Policy-makers in both countries must resist the impulse to discard the hard-fought and long-term gains of open economies by pursuing short-term and misguided policy responses,” Paulson told the George H.W. Bush U.S.-China Relations Conference.

He said prospects for achieving balanced growth in China and the world economy would be much greater if China let its yuan currency rise ….
 talks.

A currency dealer waits for customers at a currency exchange. ...

Read the rest:
http://news.yahoo.com/s/nm/20071023/pl_nm/usa_china_dc_2

Bush: Protectionism will cost U.S. jobs

October 13, 2007

By JENNIFER LOVEN, Associated Press

WASHINGTON – Alarmed by slipping support for free trade even among Republicans, President Bush is arguing that protectionism will cut Americans out of chances for more — and better — jobs.

Bush has launched a blitz on behalf of pending free trade pacts with four nations. He continued the push Saturday in his weekly radio address.

“More exports support better and higher-paying jobs,” the president said. “And to keep our economy expanding, we need to keep expanding trade.”

Read the rest:
http://news.yahoo.com/s/ap/20071013/ap_on_go_pr_wh/bush;_
ylt=AhESI2vvf6oTcmtYFlPP1ais0NUE