News / Asia

    China Rebuffs Obama’s Criticisms on Trade, Currency

    U.S. President Barack Obama speaks at his news conference at the conclusion of the APEC Summit in Honolulu, Hawaii November 13, 2011.
    U.S. President Barack Obama speaks at his news conference at the conclusion of the APEC Summit in Honolulu, Hawaii November 13, 2011.

    China is pushing back at criticism from U.S. President Barack Obama about Beijing’s currency and trade policies.  Obama says Washington does not want China to take advantage of the United States.  China’s foreign ministry responded hours later by saying Beijing’s economic policies were not the cause of U.S. financial woes.

    Beijing denied President Barack Obama's claim China is manipulating the international currency and trade systems in its favor.

    Chinese Foreign Ministry spokesman Liu Weimin strongly defended his government's currency and foreign investment policies.

    Liu says far from trying to keep the yuan artificially low to benefit Chinese companies by making their products cheaper on international markets, Beijing is instead striving to manage a floating exchange rate.  But he says Beijing will do so at its own pace.

    Liu says even if the RMB does rise substantially in value, it will not solve the problems facing the United States.

    He says America's trade deficit, unemployment and what he describes as "other structural problems" are not caused by China's manipulation of its currency's exchange rate.

    President Obama used some of his strongest language yet to demand Beijing obey international investment rules.

    After meeting Chinese President Hu Jintao at the APEC summit in Hawaii on Sunday, Mr. Obama said international rules are in place for all nations to follow and to allow them to compete fiercely with each other.

    He said the United States will “continue to be firm that China operates by the same rules as everyone else.”

    "Their role is different now than it was 20 years ago, or 30 years ago, where if they were breaking some rules, it did not really matter.  It did not have a significant impact, you were not seeing huge trade imbalances that had consequences for the world financial system.  Now, they have grown up and so they are going to have to mange this process in a responsible way," said Obama.

    Liu dismissed the President's suggestion that China was behaving immaturely and unfavorably.

    He says it is America, not China, that needs to abide by international trade rules.  He calls for Washington to let Chinese companies invest more in the United States.

    Liu also insisted that Washington relax restrictions on the export of high tech products to China, claiming this greatly profits U.S. companies.  The United States bans some sophisticated technology sales to China on national security grounds.

    Washington is not alone in calling China a currency manipulator.

    The European Union also accuses Beijing of keeping its currency artificially low to help make China the world's manufacturing capital and second-biggest economy.

    You May Like

    Video Pop Icon Prince Quietly Helped Afghan Orphans for Years

    He sent thousands of dollars to help an aid group rebuild a training center for orphan boy and girl scouts in Kabul, but kept his involvement secret

    Mali, a Way Station for Syrians Headed to Europe

    Another door may be closing for Syrians fleeing the conflict in their country, this time in Africa

    Britain’s Muslims See London Mayor Race as Victory

    Mere running of 45-year-old former government minister and son of Pakistani immigrants Sadiq Khan seen by many as turning point

    This forum has been closed.
    Comments
         
    There are no comments in this forum. Be first and add one

    Featured Videos

    Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
    Donations Rescue Afghan Parents, Children From Forced Labori
    X
    May 05, 2016 6:44 PM
    A Facebook campaign organized by a VOA radio host raised 150,000 Afghan rupees to rescue a family from forced labor at a brick kiln in Nangarhar province – the result of the father’s unpaid debt. Video by a VOA reporter in Jalalabad went viral this week and triggered the Facebook campaign.
    Video

    Video Donations Rescue Afghan Parents, Children From Forced Labor

    A Facebook campaign organized by a VOA radio host raised 150,000 Afghan rupees to rescue a family from forced labor at a brick kiln in Nangarhar province – the result of the father’s unpaid debt. Video by a VOA reporter in Jalalabad went viral this week and triggered the Facebook campaign.
    Video

    Video Kurdish Troops Recount Firefight Which Killed US Navy SEAL

    A U.S. Navy SEAL killed Tuesday, when Islamic State fighters punched through Kurdish lines in northern Iraq, was part of a quick reaction force sent to extract other U.S. troops trapped by the surprise offensive. VOA's Kawa Omar spoke with Kurdish troops in the town of Telskuf -- the scene of what U.S. officials called a "dynamic firefight."
    Video

    Video British Lawmakers Warn EU Exit Talks Could Last A Decade

    Leaving the European Union would mean difficult negotiations that could take years to complete, according to a bipartisan group of British lawmakers. While the group did not recommend a vote either way, the lawmakers noted trade deals between the EU and non-EU states take between four and nine years on average. Henry Ridgwell reports on the mounting debate over whether Britain should stay or exit the EU as the June vote approaches.
    Video

    Video NASA Astronauts Train for Commercial Space Flights

    Since the last Shuttle flight in 2011, the United States has been relying on Russian rockets to launch fresh crews to the International Space Station. But that may change in the next few years. NASA and several private space companies are developing advanced capsules capable of taking humans into low orbit and beyond. As VOA's George Putic reports, astronauts are already training for commercial spacecraft in flight simulators.
    Video

    Video US Worried Political Chaos in Iraq Will Hurt IS Fight

    The White House is expressing concern about rising political chaos in Iraq and the impact it could have on the fight against the Islamic State. The U.S. says Iraq needs a stable, central government to help push back the group. But some say Baghdad may not have a unified government any time soon. VOA's White House correspondent Mary Alice Salinas reports.
    Video

    Video Press Freedom in Myanmar Fragile, Limited

    As Myanmar begins a new era with a democratically elected government, many issues of the past confront the new leadership. Among them is press freedom in a country where journalists have been routinely harassed or jailed.
    Video

    Video Taliban Threats Force Messi Fan to Leave Afghanistan

    A young Afghan boy, who recently received autographed shirts and a football from his soccer hero Lionel Messi, has fled his country due to safety concerns. He and his family are now taking refuge in neighboring Pakistan. VOA's Ayaz Gul reports from Islamabad.
    Video

    Video Major Rubbish Burning Experiment Captures Destructive Greenhouse Gases

    The world’s first test to capture environmentally harmful carbon dioxide gases from the fumes of burning rubbish took place recently in Oslo, Norway. The successful experiment at the city's main incinerator plant, showcased a method for capturing most of the carbon dioxide. VOA’s Deborah Block has more.
    Video

    Video EU Visa Block Threatens To Derail EU-Turkey Migrant Deal

    Turkish citizens could soon benefit from visa-free travel to Europe as part of the recent deal between the EU and Ankara to stem the flow of refugees. In return, Turkey has pledged to keep the migrants on Turkish soil and crack down on those who are smuggling them. Brussels is set to publish its latest progress report Wednesday — but as Henry Ridgwell reports from London, many EU lawmakers are threatening to veto the deal over human rights concerns.
    Video

    Video Tensions Rising Ahead of South China Sea Ruling

    As the Philippines awaits an international arbitration ruling on a challenge to China's claims to nearly all of the South China Sea, it is already becoming clear that regardless of which way the decision goes, the dispute is intensifying. VOA’s Bill Ide has more from Beijing.
    Video

    Video Painting Captures President Lincoln Assassination Aftermath

    A newly restored painting captures the moments following President Abraham Lincoln’s assassination in 1865. It was recently unveiled at Ford’s Theatre in Washington, where America’s 16th president was shot. It is the only known painting by an eyewitness that captures the horror of that fateful night. VOA’s Julie Taboh tells us more about the painting and what it took to restore it to its original condition.
    Video

    Video Displaced By War, Syrian Artist Finds Inspiration Abroad

    Saudi-born Syrian painter Mohammad Zaza is among the millions who fled their home for an uncertain future after Syria's civil war broke out. Since fleeing Syria, Zaza has lived in Lebanon, Egypt, Jordan and now Turkey where his latest exhibition, “Earth is Blue like an Orange,” opened in Istanbul. He spoke with VOA about how being displaced by the Syrian civil war has affected the country's artists.

    Special Report

    Adrift The Invisible African Diaspora