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Monday, June 16, 2008

Booming, China Faults U.S. Policy on the Economy

http://www.nytimes.com/2008/06/17/world ... ref=slogin

Booming, China Faults U.S. Policy on the Economy

Image
A steel factory in Kunming. China’s economy has generally maintained strong growth while the American economy has stagnated.


Quote:
BEIJING — Not long ago, Chinese officials sat across conference tables from American officials and got an earful.

The Americans scolded the Chinese on mismanaging their economy, from state subsidies to foreign investment regulations to the valuation of their currency. Your economic system, the Americans strongly implied, should look a lot more like ours.

But in recent weeks, the fingers have been wagging in the other direction. Senior Chinese officials are publicly and loudly rebuking the Americans on their handling of the economy and defending their own more assertive style of regulation.

Chinese officials seem to be galled by the apparent hypocrisy of Americans telling them what to do while the American economy is at best stagnant. China, on the other hand, has maintained its feverish growth.

Some officials are promoting a Chinese style of economic management that they suggest serves developing countries better than the American model, in much the same way they argue that they are in no hurry to copy American-style multiparty democracy.

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