As the United Nations convenes for its fall meetings, world leaders gather in New York, which creates the opportunity for traffic jams and face-to-face bilateral meetings for heads of state. Chinese Premier Wen Jiabao will take the time to discuss serious issues with President Obama–and, of course the trade issue will take center stage. Premier Wen will make his case that the Chinese trade surplus is not a question of currency value but rather economic structure. Wen will argue that the huge trade surplus will correct as the structure of China’s economy becomes more domestic demand driven. The Chinese believe that capitalist history is replete with trade surpluses as a part of any capitalist society’s development. The U.S. and Great Britain both ran massive surpluses as their economies transitioned from agrarian-based to industrialized nations.
Posts Tagged ‘United States’
Notes From Underground: Wen to meet Obama Thursday; Zapatero gives the European debt crisis the boot
September 22, 2010Notes From Underground: CNBC-Trader Sounds Off
July 14, 2010
Click on image to listen Yra talk about market volatility and growth.