China’s stellar growth could help pull the world out of its current economic slump, the head of the World Bank said on Monday, while hailing the yuan’s progress toward becoming a global reserve currency.
With Chinese growth in the first quarter of 2009 exceeding most expectations, World Bank president Robert Zoellick said China could act as a catalyst for a global economic resurgence.
“Any forecast in this environment is hazardous, but I think China is likely to surprise on the upside,” the former US trade envoy said, speaking at a conference in Canada.
“By and large (China’s growth) has not only been a stabilizing force, but a force that will pull the system (out of the downturn).”
China’s meteoric rise as a global economic player has boosted world trade in manufactured goods and provided western companies with an enormous new market for their products and services.
Zoellick, who once headed US efforts to reach a new set of global trade rules at the World Trade Organization, urged countries not to hamper this now “symbiotic relationship.”
“Symbiotic relationship”? If China gets its way and we acquiesce, it’ll be a dictatorial relationship, with China doing the dictating. We are becoming more and more indebted to China as it is.
We are witnessing the takeover of Western economy by a hostile communist country; with our blessing no less. This “globalization” shit is going to lead to the destruction of the free-market capitalist system. As much as the communists would love to see that happen, it would be disastrous for the world’s economy. Instead of strengthening the monetary system, it would lead to an eviscerated single currency, subject to wild fluctuations in value.
China has economic problems of its own. Its poverty rate is astronomical and the disparity between the haves and have nots is actually growing.
……the number of poor remains high, with China being home to the world’s second largest number of poor in any country (after India).
……Income inequality has increased significantly and China is no longer the low-inequality country it used to be a quarter century ago. The urban-rural income gap has grown and inequality within both rural and urban areas has increased.
……Disparities in other aspects of human development remain and in some cases have grown. Because of marketization of public services, incomes matter more now for access to health and education than they used to, and the burden of health and education expenditures has increased for households.
It’s hard to maintain a balance between a communist ideology-based centralized government and the practice (facade) of capitalism.
I’ve said this before: Doing business with a communist country will not transform it into a capitalist/democratic/freedom-nurturing society. All we’ve done is prop up the totalitarian bastards with American dollars. Their political system and oppressive domestic abuses haven’t changed much since Mao.
Tell me why we allow their products to flood our markets, again?