BEIJING: A top government policy adviser has said the value of the Chinese currency is not the reason for the US trade deficit, and that Washington should restructure its economy if it wants to improve its trade balance.
"The yuan's value is not the cause of the US deficit, which is actually caused by its defective economic structure," Xia Bin, economist and counselor of the State Council, told China Daily on Tuesday.
With the US economy still bogged down and unemployment remaining high, US industry and legislators are pressuring the Barack Obama administration to get tough with China.
On Monday, 130 US law makers sent a letter to Treasury Secretary Timothy Geithner and Commerce Secretary Gary Locke, demanding tough action against China for its "manipulation of currency".
The Barack Hussein Obama Administration wants to turn the United States into a National Socialist State at the same time that China is embracing capitalism. How strange that Barack Hussein Obama would be pushing us toward collectivism as China, realizing that it doesn't work, is heading in the other direction.
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