Restriction on Chinese export no solution for US employment problem

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Last updated at: (Beijing Time) Monday, February 16, 2004

Restriction on Chinese export no solution for US employment problem

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It would do no good to solve the US employment problem by trying to impose a ban on Chinese export to the US, said Alan Greenspan, chairman of the Federal Reserve Board of the United States, while giving testimony to the Committee on Financial Services of US House of Representatives.

The US is faced with serious employment problems, said Greenspan in his answer to the questions raised by some congressmen. Yet he would in no way try to recommend a policy aiming at restricting the Chinese export to the US.

Some Americans claimed that the floating RMB exchange rate would help protect employment opportunity in the United States. Greenspan pointed out that the assertion of these people was based on the assumption that other countries wouldn't replace China in exporting goods to the United States. The fact is should China stop exporting goods to the US other countries would step into its shoes. From this viewpoint it wasn't China's problem. It was a cardinal problem of international competition.

By People's Daily Online

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