Chinese currency not cause of U.S. economic woes: economist

08:30, September 21, 2010      

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Structural problems with the United States rather than China's currency were responsible for the current difficulties facing the world's largest economy, an economist said on Monday.

"The current anti-China moves in the U.S. Congress are purely a publicity attempt to distract attention from the real problems facing the U.S. economy," John Ross, a visiting professor at Antai College of Economics and Management, Shanghai Jiaotong University, told Xinhua.

Ross' words come one week after 93 U.S. 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 U.S. 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 mayor of London Ken Livingstone from 2000 to 2008, said the Chinese currency was not the root cause of the United States' trade deficit with China.

Many economists attribute the difficulties facing the U.S. economy in the form of high unemployment and staggering fiscal deficit to the structural problems that the present administration has not been able to address.

"The problem in the U.S. economy is that its savings level is so low that it cannot even finance its own investment," said Ross.

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