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Economic Ties with China

Economic Ties with China. Greer Howard. The Background. China has the third largest economy Growing more that 10% each year for the past 30 years Still relatively poor country Can afford cheap labor

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Economic Ties with China

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  1. Economic Ties with China Greer Howard

  2. The Background • China has the third largest economy • Growing more that 10% each year for the past 30 years • Still relatively poor country • Can afford cheap labor • Imports materials from Latin America and Africa, makes them cheaply, then exports them to US, Europe etc.

  3. Results • US has 4.5 trillion dollars in bills and bonds • China owns 1.16 trillion, 26% of that • Wants to keep its yuan value low • China is US’s largest banker, giving it leverage

  4. Current State • Henry Paulson, US Treasury Secretary under Bush • Initiated “Strategic Economic Dialogue” in 2006 • Trying to raise value of yuan • US and China meet twice a year to discuss economics • Trying to lower the deficit • Encouraging China to open capitalist, democratic markets • Updated in 2009 by Obama, US-China Strategic and Economic Dialogue

  5. US-China Strategic and Economic Dialogue • Created by Obama, Clinton, Geithner, Hu, Qishan, Bingguo, and other officials from both sides • Most recent meeting in May • To “discuss a broad range of bilateral, regional, and global issues between the two nations.” • Hope to tackle issues together • Global warming, nuclear weapons in Iran, military build up in North Korea, War in Afghanistan, genocide in Sudan

  6. “Some people suggest that China is a threat that must be countered or contained. Others argue that its growth is an opportunity for the U.S. economy and that Washington should manage this rising power through engagement. I believe that engagement is the only path to success.”

  7. Opposing Viewpoints Against: -a minority of people want the relationship to evolve naturally -argue that it is better for Americans to be able to buy cheaper products -If regulations were implemented, the prices of Chinese goods would go up In Favor: -Most people want something to be done with the trade deficit -People from both parties agree it is an unhealthy relationship -Do no believe that we should support a country with so many human rights violations -US manufacturers cannot compete with cheap Chinese goods -Sending jobs overseas

  8. Barack Obama:-Mentioned how China has started to get ahead of us in terms of infrastructure-Cannot let all manufacturing go to China-Started the US-China Strategic and Economic Dialogue

  9. Republican Candidates Newt Gingrich: -Thinks the Chinese government is suppressive and controlling -Wants to form relations with the Chinese people and encourage them to demand more rights from their government • Herman Cain: • -Wants to pay China back before we spend money on anything else • -Afraid of rising interest levels

  10. Jon Huntsman: • -Former ambassador to China • -Thinks we need to fix our “core” in order to fix the relationship • Rick Perry: • -Had business of his own in China • -Expanded Chinese companies in Texas

  11. Mitt Romney: • -Believes the United States should make sure our goods are welcomed in China • -Wants to label them a “currency manipulator” • -Wants to clamp down on regulations • -Had business of his own in China • Ron Paul: • -United States should have no influence on China’s human rights violations

  12. Michelle Bachman: • -Does not trust most foreign countries with trade • Rick Santorum: • -The United States is handling the relationship very poorly-acting too timid • -Wants a “battle” against their socialist economic and social policies

  13. Bibliography • https://mail.google.com/mail/?ui=2&ik=2f8560b772&view=att&th=1326872e9361c780&attid=0.1&disp=inline&realattid=f_gskfrnwq0&zw • http://www.google.com/imgres?q=made+in+china&um=1&hl=en&safe=active&sa=N&tbm=isch&tbnid=DQVpPb_QqmlwgM:&imgrefurl=http://www.chrismadden.co.uk/news-cartoons/made-in-china-illustration.html&docid=Cvl93PA0yUxPXM&w=498&h=450&ei=YAVyTrflK4rJ0AG_reCwCg&zoom=1&iact=hc&vpx=829&vpy=507&dur=8&hovh=213&hovw=236&tx=109&ty=146&page=2&tbnh=167&tbnw=185&start=31&ndsp=20&ved=1t:429,r:3,s:31&biw=1280&bih=918 • http://ramblingthoughtsfromspain.blogspot.com/2011/03/chinas-highly-unequal-economy.html • http://www.google.com/imgres?q=dollars&um=1&hl=en&safe=active&tbm=isch&tbnid=d5S5VRRR_4wkHM:&imgrefurl=http://paidcontent.org/image/money-dollars/&docid=tsqcNBJhkoirFM&w=489&h=368&ei=HQdyTqKkE-Hw0gHLtomUCg&zoom=1&biw=1280&bih=918&iact=rc&dur=1&page=1&tbnh=134&tbnw=178&start=0&ndsp=30&ved=1t:429,r:8,s:0&tx=55&ty=86 • http://www.economylive.org/tags/henry-paulson/ • http://www.topnews.in/people/george-w-bush • http://www.topnews.in/usa/people/michele-bachmann • http://polizeros.com/2011/05/19/jon-huntsman-governor-ambassador-republican-presidential-candidate/ • http://biographyzone.com/rick-santorum-biography/ • http://www.msnbc.msn.com/id/43372586/ns/politics/t/newt-gingrich-i-will-endure-challenges/ • http://www.thegrio.com/politics/should-voters-take-herman-cain-seriously.php • http://cache.boston.com/universal/site_graphics/blogs/bigpicture/obama_11_05/obama01_16773717.jpg • http://www.csmonitor.com/var/ezflow_site/storage/images/media/images/2010/0412/0412-chinaus/7717898-1-eng-US/0412-ChinaUS_full_600.jpg • http://www.intoon.com/toons/2010/KeefeM20100821A.jpg • http://www.treehugger.com/20100225-walmart-store.jpg

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