US tells China to look to its own consumers

alp227

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Mon May-09-11 11:15 AM
Original message

US tells China to look to its own consumers

Source: BBC News

US Treasury Secretary Tim Geithner has called on China to rely more on its own spending and less on exports.

"The challenge is to lay the foundation for a new growth model, driven more by domestic demand," he advised his Chinese counterparts.

His comments came at the start of a two-day bilateral trade meeting in Washington.

US officials and many economists say Beijing depends unfairly on a cheap currency to boost exports and growth.

Read more: http://www.bbc.co.uk/news/business-13338859

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xchrom

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Mon May-09-11 11:18 AM
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1. hmmmmph. nt

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jwirr

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Mon May-09-11 11:29 AM
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2. And Timmy what are you doing about our economy to make it more

driven by domestic demand? We are in poor shape for the time when we need to produce our own products. We should be rebuilding our manufacturing base.

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JustABozoOnThisBus

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Mon May-09-11 11:32 AM
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3. But if we decide to build high-speed rail

could you please, China, sir, please make us some rails? We seem to have misplaced our steel mills.

:hi:

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Fool Count

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Mon May-09-11 07:42 PM
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4. Oh no, now poor Chinese will have to consume themselves

all the crap they are making. But how is that possible? If they made enough money to buy everything they produce
there would be no extra profit in moving a factory to China, would it? It was a nice scam while it lasted - paying
Chinese with worthless American paper money which could be printed at will. Well, it was a good run, but not really
a great plan for long term prosperity. Now, what's the plan B exactly? I have an idea - let's just start taking stuff off
people without paying. Isn't it what our awesome military for? Let's start with oil.

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WatsonT

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Mon May-09-11 08:28 PM
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5. They will soon enough

they're doing basically the same thing japan did in the early post-war period: depress domestic consumption and imports to fuel foreign exports.

Use the money coming in to reinvest in industry and more exports.

A fine system to get a country back on its feet, but not permanent. The workers are going to start demanding more and more of the pie as national wealth increases.

China will not be the worlds biggest exporter of cheap crap forever.

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Javaman

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Tue May-10-11 08:03 AM
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6. Comrades to consumers...

just like here: citizens to consumers.

the commodifying of humans.

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plumbob

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Tue May-10-11 08:12 AM
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7. Timmy's credentials for advising the Chinese on their economy are

............................well? Waiting.

The presumption is breathtaking.

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