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US' woes due to structural problems
Source: Xinhua |
September 21, 2010, Tuesday
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Print Edition
Print Edition
STRUCTURAL problems with the United States rather than China's currency were responsible for the woes facing the world's largest economy, an economist said yesterday.
"The current anti-China moves in the US Congress are purely a publicity attempt to distract attention from the real problems facing the US economy," John Ross, a visiting professor at Antai College of Economics and Management, Shanghai Jiaotong University, told Xinhua.
Ross' comment comes one week after 93 lawmakers signed a letter urging Democratic leaders in the House of Representatives to schedule a vote on a bill to get tougher with China.
The bill would allow the Commerce Department to slap countervailing and anti-dumping duties on "injurious imports from any country that persistently undervalues its currency."
Ross, former director of economic and business policy for the mayor of London, Ken Livingstone, from 2000 to 2008, said the yuan was not the root cause of the US's trade deficit with China.
Many economists cite the difficulties facing the US economy on high unemployment and a massive fiscal gap to the structural problems.
"The problem in the US economy is that its savings level is so low that it cannot even finance its own investment," said Ross.
"The current anti-China moves in the US Congress are purely a publicity attempt to distract attention from the real problems facing the US economy," John Ross, a visiting professor at Antai College of Economics and Management, Shanghai Jiaotong University, told Xinhua.
Ross' comment comes one week after 93 lawmakers signed a letter urging Democratic leaders in the House of Representatives to schedule a vote on a bill to get tougher with China.
The bill would allow the Commerce Department to slap countervailing and anti-dumping duties on "injurious imports from any country that persistently undervalues its currency."
Ross, former director of economic and business policy for the mayor of London, Ken Livingstone, from 2000 to 2008, said the yuan was not the root cause of the US's trade deficit with China.
Many economists cite the difficulties facing the US economy on high unemployment and a massive fiscal gap to the structural problems.
"The problem in the US economy is that its savings level is so low that it cannot even finance its own investment," said Ross.
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