Hu off to Toronto but yuan off limits
Source: Agencies/Shanghai Daily |
June 18, 2010, Friday
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Print Edition
Print Edition
PRESIDENT Hu Jintao will attend next week's G20 meeting in Toronto but would not want to discuss China's exchange-rate policy, the government said yesterday.
Foreign Ministry spokesman Qin Gang said the summit should stay focused on ways to accelerate recovery from the global financial crisis.
"We believe it would be inappropriate to discuss the yuan exchange-rate issue in the context of the G20 meeting," Qin told a regular news briefing in Beijing.
He also defended China's management of its currency against critics who say it is undervalued.
Qin said China worked hard to keep the yuan stable through the financial crisis, which was a major benefit to the international community. He said the Chinese currency policy posed no obstacle to global economic growth.
Financial markets are watching the G20 for any statements about China's policy of pegging the yuan to the dollar after the United States stepped up its currency criticism in recent days.
US Treasury Secretary Timothy Geithner said last week that the yuan was an impediment to global rebalancing. Many lawmakers in the US Congress contend the yuan is grossly undervalued, unfairly squeezing out competition against cheaper Chinese goods.
"If we allow the G20 to turn into a process of finger-pointing, then it will certainly send out a very confusing and misleading signal to the markets and to the general public," said a senior Chinese official, who spoke to reporters on the condition of anonymity.
"This will certainly lead to very serious consequences in the global economy.
"I don't think that is the purpose of the G20 process, and that would be self-defeating for the group."
Chinese leaders have long insisted - and many economists agree - that a set of policies broader than just its exchange-rate regime is needed to overhaul the economy.
The senior Chinese official said this change would not happen overnight.
"We are also trying to pursue economic restructuring and to transform our pattern for economic development," he said.
"That is exactly what we are doing, but it will take some time."
It was unreasonable to expect Chinese people to immediately fill the void left by US consumers who were spending less money in the wake of the global financial crisis, he said.
"Construction workers in Beijing or Shanghai, if their income increases, may be ready and happy to buy more home appliances and new bicycles, but you cannot expect them to buy a new Mercedes overnight," he said.
"Chinese workers might lose their jobs in the textile industry, in the toy industry, in the shoe industry because of lack of demand from overseas markets, but you cannot turn them into investment bankers overnight."
Foreign Ministry spokesman Qin Gang said the summit should stay focused on ways to accelerate recovery from the global financial crisis.
"We believe it would be inappropriate to discuss the yuan exchange-rate issue in the context of the G20 meeting," Qin told a regular news briefing in Beijing.
He also defended China's management of its currency against critics who say it is undervalued.
Qin said China worked hard to keep the yuan stable through the financial crisis, which was a major benefit to the international community. He said the Chinese currency policy posed no obstacle to global economic growth.
Financial markets are watching the G20 for any statements about China's policy of pegging the yuan to the dollar after the United States stepped up its currency criticism in recent days.
US Treasury Secretary Timothy Geithner said last week that the yuan was an impediment to global rebalancing. Many lawmakers in the US Congress contend the yuan is grossly undervalued, unfairly squeezing out competition against cheaper Chinese goods.
"If we allow the G20 to turn into a process of finger-pointing, then it will certainly send out a very confusing and misleading signal to the markets and to the general public," said a senior Chinese official, who spoke to reporters on the condition of anonymity.
"This will certainly lead to very serious consequences in the global economy.
"I don't think that is the purpose of the G20 process, and that would be self-defeating for the group."
Chinese leaders have long insisted - and many economists agree - that a set of policies broader than just its exchange-rate regime is needed to overhaul the economy.
The senior Chinese official said this change would not happen overnight.
"We are also trying to pursue economic restructuring and to transform our pattern for economic development," he said.
"That is exactly what we are doing, but it will take some time."
It was unreasonable to expect Chinese people to immediately fill the void left by US consumers who were spending less money in the wake of the global financial crisis, he said.
"Construction workers in Beijing or Shanghai, if their income increases, may be ready and happy to buy more home appliances and new bicycles, but you cannot expect them to buy a new Mercedes overnight," he said.
"Chinese workers might lose their jobs in the textile industry, in the toy industry, in the shoe industry because of lack of demand from overseas markets, but you cannot turn them into investment bankers overnight."
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