U.S., CHINA HAVE A ‘CREDIBILITY’ GAP ON G-20’S ECONOMIC PLEDGE
Indira A.R. Lakshmanan
Bloomberg, September 26, 2009
A push from U.S. President Barack Obama and Chinese leader Hu Jintao to shrink trade and investment imbalances is probably years away from being fulfilled, according to comments from their own officials.
Group of 20 leaders met in Pittsburgh yesterday aiming to reduce global capital imbalances blamed for contributing to the financial crisis, including a U.S. reliance on borrowing from abroad to finance spending, and Chinese dependence on exports.
“That’s not a simple thing to achieve, you don’t get that by writing a communique,” David Nelson, acting U.S. assistant secretary of State for Economic, Energy and Business Affairs, said in an interview. Ma Xin, an official at China’s government planning agency, warned that his nation’s “low” consumer spending is a problem that has “accumulated over many years and it is a structural problem.”
Failure to accelerate a shift toward domestic demand in Asia, and to diminished U.S. borrowing, risks laying the ground for future crises. Federal Reserve Chairman Ben S. Bernanke has said the influx of savings from Asian nations contributed to depressing U.S. interest rates in the middle of the decade, when the credit boom that preceded the current crisis began.
Indira A.R. Lakshmanan
Bloomberg, September 26, 2009
A push from U.S. President Barack Obama and Chinese leader Hu Jintao to shrink trade and investment imbalances is probably years away from being fulfilled, according to comments from their own officials.
Group of 20 leaders met in Pittsburgh yesterday aiming to reduce global capital imbalances blamed for contributing to the financial crisis, including a U.S. reliance on borrowing from abroad to finance spending, and Chinese dependence on exports.
“That’s not a simple thing to achieve, you don’t get that by writing a communique,” David Nelson, acting U.S. assistant secretary of State for Economic, Energy and Business Affairs, said in an interview. Ma Xin, an official at China’s government planning agency, warned that his nation’s “low” consumer spending is a problem that has “accumulated over many years and it is a structural problem.”
Failure to accelerate a shift toward domestic demand in Asia, and to diminished U.S. borrowing, risks laying the ground for future crises. Federal Reserve Chairman Ben S. Bernanke has said the influx of savings from Asian nations contributed to depressing U.S. interest rates in the middle of the decade, when the credit boom that preceded the current crisis began.
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