A Quote by Milton Friedman
China's productive system draws upon the other East Asian countries to a great extent. The volume of trade is much larger than the net amount being exported from China. China needs substantial reserves to finance all that.
Related Quotes
China are running trade deficits with the rest of the world. If you look at the U.S. trade deficit, it's close to $800 billion trade in goods. Half of that is with China, so it's a big part of the problem. And the problem with China, as opposed to, say, Canada, is that China cheats.
China's accumulation of reserves is a result of the IMF's mismanagement of the Asian financial crisis a decade or so ago. If countries know they can't rely on the IMF to help them, their best defense is their own reserve cushion. In a time of spreading global recession, too much emphasis on savings in surplus countries like China can impede prospects for global growth.
China, the world's most populous country, 1.3, 1.4 billion people, will in the next decade or so have to begin looking for people outside of China.What does this mean? China will have to become a much more welcoming society. It means that China will have to attract immigrants from other countries in order to slow the aging of the population.
China has become a major presence for most countries around the world but notably for its neighboring countries in Asia. So I think it is a common position for Japan and its Asian neighbors that we certainly would strive to maintain as much as possible friendly relations with China.
Under Xi, China has again become the world's top jailer of journalists. China's rank on the Reporters Without Borders index of press freedom is 176th out of 180 countries. China comes in dead last on the Freedom House 'Freedom on the Net' list.
I fully understand the One-China policy. But I don't know why we have to be bound by a One-China policy unless we make a deal with China having to do with other things, including trade.
China is the big economic engine in Asia, so what happens is, as China growth expands, these countries in the periphery of China, whether it be Indonesia, Malaysia, Singapore, the Philippines, they end up growing with China because they become big exporters.
When China got into the WTO, that allowed it to sell into any other country within the WTO - not just the United States - at the lowest tariffs that country offered. And the other countries could sell into China at the lowest tariffs that China offered. The problem, right off the bat, was that China had much higher tariffs than everywhere else, so the U.S. and Europe in particular got the short end of that stick.
If trade deficits are good, why is China so pleased that they run a huge trade surplus? It's perfectly obvious that if China hadn't been such a huge net-exporter, it never would have grown at the rate that it did.
As commerce secretary, I led the Clinton administration's effort to ensure China's entry into the World Trade Organization and the permanent normalization of trade between the U.S. and China - steps that produced a 76 percent increase in U.S. exports to China in just three years.
During the 1999 debate over Permanent Normal Trade Relations with China President Bill Clinton said, 'In opening the economy of China, the agreement will create unprecedented opportunities for American farmers, workers and companies to compete successfully in China's market. WRONG: Our trade deficit with China has increased from $83 billion in 2001 to a record breaking $342 billion in 2014.
When America stopped importing from China, China stopped importing from the rest of the world. This affects Asian countries as well as Australia, Brazil, and other suppliers of raw materials.
You American people worry too much about the China economy. Every time you think China is a problem, we get better, but when you have a high expectation for China, China is always a problem.
If we are going to go into a global currency fight against countries like China, well, the US has about 75, 76 billion in foreign reserves. They're going to be up against China with 1.7 trillion in US dollars and foreign reserves, so it's not much of a fight there. It could be an interesting fight though.
The BRIC countries - Brazil, India, China, Turkey, South Africa, Indonesia even, and Russia - are now new actors. Over the last eight years, China multiplied by seven its economic presence and penetration in the Middle East. And if this happens on economic terms and there is a shift towards the East, the relationship between these countries and Israel is completely different from the United States. And it means that the challenges are going to be different, because China is not supporting Israel the way the U.S. are supporting Israel.
We have trade with China. We lose hundreds of billions of dollars a year on trade with China. They know how I feel. It's not going to continue like that. But if China helps us, I feel a lot differently toward trade. A lot differently toward trade.
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