April 11, 2006

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The wrong blame game

Following the chart showing China's acutal purchases of US Treasuries lags far behind perceptions comes an excellent piece in The Times sayign America misdiagnoses the "China syndrome":

The problem with all of these protectionist prescriptions is that, not only do they wholly misdiagnose the malaise supposedly gripping the American patient, but also that the supposed “cure” could prove lethal — and would certainly be extremely painful.

The senators’ misdiagnosis rests on their belief that the yuan is hugely undervalued, that Beijing is barely moving to address this and that the cheapness of the Chinese currency is what drives the scale of its exports to America. All of these views are mistaken.

The article also goes on to look at how anti-China measures would hurt America. It doesn't look at the potential impact on China itself of such measures, and not just in the economic sphere. While a politician might think it sounds good to bash China, the punters are down at Wal-Mart stuffing their shopping baskets with Chinese made goods while they're paying down their low-interest rate mortgages. What's more likely to influence votes?

posted by Simon on 04.11.06 at 09:00 AM in the China economy category.


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