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Scapegoating China for U.S. domestic woes unwise

English.news.cn   2012-10-24 15:26:47            

By Xinhua writer Wang Aihua

BEIJING, Oct. 24 (Xinhua) -- During the latest U.S. presidential election debate, both candidates have voiced willingness to collaborate with China but at the same time blamed the country for America's domestic woes.

The candidates, Democrat Barack Obama and his Republican challenger Mitt Romney, should realize that simply blaming China will not do -- only by working on the origins of America's downward economic situation can they really solve domestic problems such as unemployment.

Two main accusations the U.S. presidential candidates, in particular Mitt Romney, have been filing against China is that the country has "stolen" American jobs by absorbing U.S. capital and that it has "manipulated" its currency, the yuan, to keep the exchange rate at a lower level and retain competitiveness in exports.

U.S. politicians seem self-contradictory on these fronts in the middle of election campaigns.

One the one hand, the United States has repeatedly complained that China is not being open enough to foreign investment and that the foreign investment environment in China is worsening with the Chinese government gradually taking back its preferential policies on foreign companies.

If the United States truly wants China to be a more attractive destination for foreign investment, it should not at the same time blame China for actually attracting capital from the United States.

As the incumbent president and a former Massachusetts state governor, the two candidates should have enough knowledge and experience to know that capital flow in the free global market of today cannot be easily manipulated.

Giving it a second thought, the candidates should be pleased because all these so-called "stolen" jobs have enabled American citizens to live decent lives with cheaper products at the cost of Chinese resources and manpower.

Another card the candidates have been playing is about the Chinese yuan, which they insist has been kept by China at a lower value than it should.

To "fight back," the Obama administration has already launched a series of protectionist moves against China-made products. Romney said he would label China a "currency manipulator" if he wins the election, and argued China has more to fear than the United States from a trade war between the two countries.

However, even Obama himself acknowledged China's changes in exchange rates -- the yuan has appreciated by at least 31 percent since 2005 and U.S. exports to China have doubled during his tenure.

Blaming China for the high unemployment and dim exports of the United States is an easy way for the Obama administration to divert responsibility and Romney to woo voters.

To create jobs, however, the United States needs to loosen restrictions on exports of hi-tech products to China, open its arms to Chinese investment, and prevent the repetition of moves such as blocking Chinese telecommunications companies Huawei and ZTE without convincing evidence.

Related:

Obama flails Romney on foreign policy inconsistencies

BOCA RATON, the United States, Oct. 22 (Xinhua) -- With their fate hung in the air in a dead heat campaign, U.S. President Barack Obama and his Republican foe Mitt Romney Monday night spared no effort to flail one another on foreign policy issues in their last and final debate before going over voters' scrutiny on Nov. 6.

Neither could afford to fare poorly in their showdown in Lynn University in Boca Raton of Florida, as latest polls showed the duo neck-and-neck among likely voters.

And Obama pummeled his challenger relentlessly over his inconsistencies on foreign policy, focus of the debate.   Full story

Editor: Wang Yuanyuan
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