Friday, October 15, 2010

China's Economic Stability Benefits the U.S.

BEIJING - The United States should stop politicizing China's currency issues, a spokesman for the Ministry of Commerce said on Friday, emphasizing that China's economic stability and growth mean more benefits to the US economy and consumers.


In an article by the China Daily, http://www.chinadaily.com.cn/china/2010-10/16/content_11417457.htmYao Jian, spokesman for the ministry, said China should not be a "scapegoat" for the US' economic and unemployment woes.


China is the third largest exporting destination of the US, but the US also benefits from the large number of US companies operating in China that export back to the US, Yao said.


Yao's remarks came hours before the US Department of Treasury was scheduled to release a biannual currency report on Friday, in which the largest economy in the world will decide whether to label its major trading partner a currency manipulator.
Opinion: These are rather shortsighted comments by the Ministry of Commerce official.  The U.S. consumers may be benefiting from the flow cheap goods in the country, but it is at the cost American jobs regardless of what they say.  U.S. companies are purely motivated by profit without regard for the worker.  I would rather pay a little more for a product made in this country, by our workers if it meant putting our people back to work and ushering in a new age of prosperity.  I'm afraid that we are selling ourselves out.