China stands firm against US market scramble - Antoaneta Bezlova
As the United States talks about rebalancing global growth, China sees a covert agenda of trade protectionism. While Beijing seems to agree that there is a price to pay for its new ascent as a global power, it bristles at suggestions that it needs to let its export powerhouse fade from prominence by allowing its currency, the yuan, to appreciate faster. The recent high-profile meeting of the Group of 20 in Pittsburgh and this week's annual gatherings of the World Bank and the International Monetary Fund (IMF) in Istanbul have provided a stage for cross-talking between the United States and China, illustrating how far apart their agendas about helping shore up the world economy's recovery remain.
"Washington is talking about decoupling and rebalancing the global economy but the true nature of these pursuits is the United States scramble for markets," Chen Fengying, an expert on world economic issues with the China Institute of Contemporary International Relations, a think-tank that advises the government, told the China Times.Chinese experts believe that Obama's eyes are set on making exports the new economic engine for the faltering US economy, and his pronouncements about addressing global imbalances aim to arrest further expansion of China's export powerhouse.
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