Daily Archives: March 11, 2011

Yuan not to blame for trade gap with US

China’s rising inflation is partly rooted in the rapid monetary expansion of the United States, and the real concerns for the US economy are its lack of competitiveness and trade deficits and not of the China factor, US economists said on Wednesday.

“The reason Americans can live beyond their means is that the Chinese are living beneath their means,” said Peter Schiff, president and chief global strategist at Euro Pacific Capital, at a seminar held by the Council on Foreign Relations in New York.

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Top legislator warns of chaos unless correct path is taken

The country’s top legislator on Thursday warned of a possible “abyss of internal disorder” if China strays from the “correct political orientation”.

China will never adopt a multiparty revolving-door system or other Western-style political models, Wu Bangguo, chairman of the National People’s Congress (NPC) Standing Committee, said while delivering a work report.

The establishment of a socialist law system, with Chinese characteristics, institutionally and legally ensures the country stays on the right path, he told about 3,000 NPC deputies.

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