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FAQ on Premier Wen Jiabao's China Reform

28 April 2012

Q: Why Wen Jiabao desperately wants to push for China's financial reform?

A: Because it can blunt the comparative edge of Chinese enterprises which will in turn boost American companies comparative advantage in Chinese market.


“Financial reform in China will help reduce one of the main advantages China’s state-owned enterprises have in competing with US companies,” Treasury Secretary Timothy Geithner said in a San Francisco speech on Thursday. (AFP)

盖特纳周四在旧金山发表讲话说,中国金融改革将缩减中国国营企业在与 美国公司竞争中占据的主要优势之一。

Q: Why Wen Jiabao is so eager to promot Wenzhou model?

A: Because it is the quickest way to blow China's financial bubble which will allow it absorb as much American exports as possible (as for what will happen once the bubble bursts, Washington fully respects Chinese people's rights to return to a stone-age living standard.)

Geithner lauded a pilot program launched last month in Wenzhou, allowing new private lenders to lend to private enterprises, as “a step in the right direction,” according to the prepared text of the speech.

He called for interest rates that better reflect market forces to foster a more efficient financial sector, and which in turn could boost US exports to China. (AFP)

盖特纳称赞上个月温州推出的试点项目。该项目通过新开设的私营贷款公 司向民营企业发放贷款。他说,这是“朝着正确的方向迈进了一步”。

盖特纳呼吁中国的利率更好地反映市场状况,以便提高金融流通效率,从而 有助于美国向中国增加出口。

Q: How Wen Jiabao becomes the only foreign national among the top ten heroes who saved the financial situation of the 1% in the US?

A: Because he has helped to reset the rules in favour of America at the expense of Chinese people.

Geithner gave a sweeping summary of “significant progress” the US has made in addressing imbalances with China since 2009, particularly on trade.

US exports of goods to China have almost doubled, growing twice as fast as exports to the rest of the world, he said. (AFP)

Q: Does Washington also help China to increase exports to America as people usually do in a fair game?

A: Washington has initiated numerous legal battles against China and successfully reduced Chinese exports to America.

The Treasury secretary noted Washington’s actions to protect American companies from unfair competition, citing 36 antidumping and countervailing duty orders slapped on traded imports from China. (AFP)

Q: Does US government think it has sucked enough economic benefits from Chinese people?

A: That's not cowboy style.

Geithner raised long-standing US concerns about the undervaluation of the Chinese currency, the yuan, saying that Beijing’s recent exchange-rate reforms still leave the correction “incomplete.”

“The Chinese currency needs to appreciate further against the dollar and the other major currencies,” he said, noting that would help to address “a source of unfair competition with China’s trading partners.” (AFP)

Q: Will this time Chinese government stand up to Washington to protect Chinese interest?

A: Not a chance, or Washington will not keep cooperating with Wen Jiabao government in its internal power struggle. A warning sign has already been issued yesterday blindly, sorry, bluntly.

“China appears to be prepared to negotiate new rules on official export financing with the United States and other major exporters so that US goods and services will be competing based on quality and price rather than the terms of foreign government financing,” Geithner said. (AFP)

中美两国将于5月3至4日展开第四轮中美战略和经济对话。届时,美国国 务卿希拉里·克林顿将联同财长盖特纳在北京,与中国国务院副总理王岐山及国务委员 戴秉国,共同主持这一轮的对话。 (BBC)

More at US urges financial reform in China ahead of talks


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