"China's economic responsibility" theory irresponsible

16:01, July 26, 2010      

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1. The ship of the world economy is sailing out of the stormy region into calmer waters.

Surprisingly, China, which has contributed greatly to prevent the overturn of the ship, has once again been blamed by politicians and media agencies of some countries and is expected to shoulder the burden of a variety of "responsibilities."

Furthermore, some who once managed to begin studying what China had done right, have backtracked and have begun studying what China has done wrong.

"The Chinese have saved too much and lent funds to the United States at low interest rates, leading to the historic spending spree and housing bubbles in the United States."

"The RMB is substantially undervalued and should appreciate by at least 40 percent."

"China will use its massive holdings of the U.S. treasury bills as a tool to manipulate the domestic and foreign policies of the United States."

"China will devour global energy."

"China ruined the U.N. Climate Change Conference in Copenhagen, becoming the largest obstacle to the global efforts combating climate change."

"The world economy will fail to be balanced without adjustments from China."
Such remarks imply that China should take the blame for every issue in the world economy and whether or not the world's economic situation may improve will be subject to China's policy measures. Not only should China assume the responsibility for the global economic imbalance, but it should also shoulder the responsibility to save the world economy.

The "China's economic responsibility" theory is becoming a new argument that China has to face.

Author: Guo Jiping,People's Daily, July 26, 2010, and additional support provided by LOTO
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