Record trade surplus
(China Daily)
Updated: 2006-07-17 11:33 Imposing sanctions a 'blunder'
Imposing trade sanctions on China for
"currency manipulation" would be "a colossal policy blunder" and do little to
generate jobs in the United States, a leading free-market research institute
said last Wednesday.
A report by the influential Cato Institute
challenged the notion that imports from China were a major cause of US job
losses and disputed claims by many in the US Congress that Beijing was using
currency manipulation to gain an unfair trade advantage.
"A closer look
at China's exchange rate and its impact on trade shows that the fixed exchange
rate has not given an unfair advantage to imports from China nor hindered the
ability of American exporters to sell in China's own growing market," Cato trade
policy director Daniel Griswold wrote.
China content outside
G8
China is satisfied with current consultation and co-operation with the
Group of Eight (G8) members, a senior Foreign Ministry official said last
Wednesday, hinting that the nation would not seek to join the
group.
Speaking at a news briefing in Beijing, Assistant Foreign Minister
Cui Tiankai also ruled out a summit between President Hu Jintao and Japanese
Prime Minister Junichiro Koizumi on the sidelines of the upcoming G8 Summit in
St Petersburg.
Both China and the G8 "feel comfortable about the current
co-operative relationship... and that's good," Cui said when asked about whether
the country plans to join the group.
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