Posted on 02/21/2018 8:36:34 PM PST by cba123
WASHINGTON (Reuters) - The U.S. Treasury's top diplomat ramped up his criticisms of China's economic policies on Wednesday, accusing Beijing of "patently non-market behavior" and saying that the United States needed stronger responses to counter it.
David Malpass, Treasury undersecretary for international affairs, said at a forum in Washington that China should no longer be "congratulated" by the world for its progress and policies.
"They went to Davos a year ago and said 'We're into trade,' when in reality what they’re doing is perpetuating a system that worked for their benefit but ended up costing jobs in most of the rest of the world," Malpass said at the event hosted by the Jack Kemp Foundation.
He said market-oriented, democratic governments were awakening to the challenges posed by China's economic system, including from its state-owned banks and export credit agencies. And he reiterated his view that China had stopped liberalizing its economy and was actually reversing these trends.
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(Excerpt) Read more at money.usnews.com ...
Maybe.
We will see. Good job thus far, Trump.
Calling THE Chinese Communists is so 1960'S. I was there last year. None are wearing the Mao jackets. Every one dresses different in western clothes. China is reverting to its normal self a market economy with an autocratic government. It's been that way for thousands of years.
Wow. I’ll bet the Free Republic private Free Traitor™ army won’t like this! This will get their panties in a wad!
tariffs, Tariffs TARIFFS!!!!! NOW!
Unfortunately your comment sounds like an excuse for fascists. Envious?
I was there before you were.
By about three decades. I supported the opening of China, and was one of the few early westerners to work there.
It was a tremendous experience, and I will always treasure that. But the people who have come since, have NOT sold anything. All they did was buy, and buy more, and buy ever more. Everything. From everyone.
Selling out our own country’s manufacturing capabilities, in large part.
Now we have a big problem. The two countries trade situation is TERRIBLY out of balance.
Both parties have sold out America.
It is time to be for American goods once again.
Not limitless amounts of made-in China (everything) which simply makes China ever better at mass producing other things.
Like weapons.
That is a big one.
Saw the difference in HK starting within a few years of turnover and it gets worse every year. 1st visit was in ‘88. 30 days in ‘89. multiple visits after that...think my last was 2013.
Mainland I first visited in 2005 and have made multiple trips...though it’s been 2...no 3 years since my last.
The interior has never really developed only the major coast cities and Beijing. The people are like people everywhere - some good; some bad. They won’t talk about govt even if they know you very well. They do love their families for the most part...like I said some are bad. The govt is all about power. Over the past 5+ years those with money have been trying to get their families out longer term ... no insurance of stability when it just takes one politician to sign your death warrant.
I think if we get into a trade war that there will be a massive downturn in their economy. They’ve already been spending on non-value projects just to keep aspects of the economy going. Without exports they’ll contract...though not sure it would be a full collapse...they’ll inflate like crazy to prevent that. Likely try to gen up a war in the region to preoccupy their population and try to dump US bonds...though they have less than before as I understand.
Malpass does not go far enough, by a long shot.
China’s system is in no way a free market economy.
It is a mercantilist state-capitalist system, and the state is far deeper and more omnipresent than the “state enterprises” which are merely the tip of the iceberg.
The Chinese government at all levels forms “private enterprises” that sometimes, not always, solicit capital investors while the governmental unit retains the controlling interest. The Communist Party and party officials do the same thing. Many such outfits are created for one reason - to appear the record as a “private” company. Then you’ll find, down the road, the “investors” or part owners in various other “private” companies are strings of these so-called “private” companies that are actually entities of, or in control by the government or the party. Through this network and the party’s control of it the economy remains a top-down command economy of the dictatorship.
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