The US has become even more reliant on the Chinese government to purchase treasury bills and yet it continues to "demand" currency reform at the same time. There is a significant conflict between these two perspectives.
I feel that the root of the issue lies in American's limited understanding of China and a fear that China will become a future rival for the US. of course there is some truth in this possibility but at the same time there is also an opportunity to build a partnership between the US and China that could ield considerable mutual benefits for all parties.
The US should consider changing its view of China as a backward country rife with all manner of social and economic problems. Why not take an approach of creating a partnership with China to assist in resolving problems. Why not put aside the prejudices of history and consider forging a new path based on solving problems and creating a better future ?
I am not naive enough to think that things are easy to solve or that being a "nice guy" will resolve difficult issues, however the Chinese view of the US remains extremely positive...why not take up this mantle ?
There is no other country in the world that Chinese have more respect for than the US. This is a powerful opportunity that the US could grab and use as a base for building a partnership based on the future rather than the past.
The cartoon below from The Economist describes the current impasse but also suggests that the answer is just to open the flood gates...The US has to be responsible for the financial problems which originated in the US but the Chinese side needs to use its new financial "power" (read US Treasuries) in a productive manner.
Regardless of how governments act the essential thing is for the peoples of both countries to continue to find ways to partner together. We need each other in this critical time.
http://media.economist.com/images/20070811/D3207WW0.jpg
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