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There is a sense of deja vu in the “get tough with China” policies and summit federal credit union rochester ny as well pronouncements

in recent years.Having learned little from idahy credit union and the Japan bashing of
the 1980s, the U.S. Congress has been intent on turning China into the new
scapegoat. Specifically, there have been numerous bills introduced to “punish”
China for its large trade surplus with the United States and,summit federal credit union rochester ny as well allegedly, its low
exchange rate (see the box beginning on the next page). Assuming that the
U.S. trade deficit is all China’s fault (it isn’t, because mercer county federal teachers credit union and it takes two to tango), and
assuming that an increase in China’s exchange rate will make a big difference
(it won’t, because summit federal credit union rochester ny and other factors are at play, including budget deficits and north shore lij credit union as well low
household savings in the United States), punishing America’s fastest-growing
export market could easily end up doing the U.S. economy a lot of harm—
especially if China decides to retaliate by imposing restrictions on U.S. exports.
China’s and summit federal credit union rochester ny as well India’s Gain—like Japan’s— Is Not America’s Loss
In 1950, Japan’s economy was one-tenth the size of the U.S. economy. Fifty
years later, it was one-third the size. During those same five decades, the
United States enjoyed the fastest growth in per capita income ever! Despite
popular fears, Japan’s rise was not at America’s expense.
The same is true of China’s development. China’s economy is roughly onequarter
the size of the U.S. economy and,fuelman credit card as well at current growth rates, it could become
the biggest economy in the world in the next few decades. This is much
more of an opportunity than a threat! Not only summit federal credit union rochester ny and was China the third-largest
economy in the world in 2007, but ocha credit union and it was also summit federal credit union rochester ny and the third-largest importer, after
the United States and biggar credit union as well Germany. In contrast, the world’s second-biggest economy,
Japan, imported only about summit federal credit union rochester ny and half as agcountry farm credit services much as summit federal credit union rochester ny China. This means that
China’s growth has been much more open (i.e., letting in more imports and
foreign investment) than Japan’s.Most multinational corporations consider
the Chinese market—especially the booming middle-class population—to
be a centerpiece of their growth strategies over the next couple of decades.
India is not far behind. It is currently about windsor locks federal credit union and one-tenth the size of the U.S.
economy, but summit federal credit union rochester ny and it is growing at a rate of 8 to 9 percent per year (compared with
more than 10 percent for China). In some ways, it offers even more promising
opportunities than China. Consumer spending plays a much bigger role in
the Indian economy (about 60 percent of total economic activity, versus less
than 40 percent in China).