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US expected to contribute to Asian economy

By Zhong Sheng  (People's Daily)

08:18, November 24, 2011

Edited and translated by People's Daily Online

U.S. President Barack Obama scored a foreign policy victory with his recently concluded nine-day tour of the Asia-Pacific region, which garnered support for the U.S. "return to Asia" strategy, and Boeing received a massive aircraft order worth more than 20 billion U.S. dollars from an East Asian airline.

However, the country still faces enormous economic challenges. The United States Congress Joint Select Committee on Deficit Reduction, a bipartisan committee created to slash 1.2 trillion U.S. dollars in federal spending over the next 10 years, is now stuck in a deadlock as the Nov. 23 deadline looms.

The U.S. economy is experiencing sluggish recovery and is on the verge of a double-dip recession. Although the U.S. manufacturing industry is beginning to show signs of recovery, the country's unemployment rate remains high, and its European allies across the Atlantic are busy dealing with their debt problems. Even the most optimistic economists feel somewhat worried about the U.S. economy.

Asia is paying close attention to the state of the U.S. economy.

In fact, certain Asian countries are looking forward to the return of the United States mainly because they hope U.S. investment and markets can drive Asia's economic growth as before.

The Asian economies are integrating and opening to the outside world. Asia has been playing a growing role in global economic growth, which has promoted the recovery of the U.S. economy. In fact, the Asian economy has made important contributions to the U.S. economic recovery.

When President Obama said that the Asia-Pacific region is a "top priority" of his administration, he surely hoped that Americans make a connection between the country's "return" to the region and economic recovery. However, what Asia and the rest of the world value is what the United States will bring.

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helen at 2011-11-24203.82.94.*
The United States is embarking on diverting US investments away from China to Asean countries as one of many steps to contain and retard China. Turning Asean into a manufacturing base and protecting the US$ currency is now the top priority. Will US corporations be lured and distracted by US agenda?This is a new beginning and pose great challenges to China developments.China now has to expand more economic co-operation and investments in Asean and increase the use of non-US$ in all its trades. Asean flourishing with China help will go a long way to check US agenda on China.Remember, businesses will go where profits can be made and transcend national boundaries and politics.A transformation of economic developments in China should be the next step in China path to its own destiny ... Seize the hour! Seize the day!

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