CHina MIDTERM - G raham Meighan Contemporary China Midterm...

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Graham Meighan Contemporary China Midterm 10/22/10 Professor Zhou In our global society, China continues toward being a superpower in almost every aspect. This advancement has been some of the fastest that the world has ever seen, but this rapid development does not come without issues, or criticism from elsewhere. The almost polar opposite ideologies of the Western world and the Eastern encourage conflicting policies in the way a country is supposed to be governed. Western countries have been extremely critical in terms of China’s economy(now and in the future), military expansion, environmental issues, and political standpoints. Economy The wide variety of criticisms about the Chinese economy are a result of China’s rapid advancement and its communist rule.
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China’s government has an extremely active role in the value of its currency. “It buys about $1 billion a day to maintain the renminbi’s peg to the dollar”(Chan) The renminbi is very undervalued, giving China an unfair trade advantage. The Treasury Secretary Timothy F. Geithner urged China to allow “significant, sustained appreciation” of the undervalued currency. He also suggested that anything less than that would strain the relations of the economies of the US and China, the worlds two largest. (Chan) While China gains an advantage in their exports by undervaluing the currency, Randall Henning, an authority figure on exchange-rate policy, argues that the government’s currency intervention have raised the “threat of inflation and asset bubbles, hurt the poorer sectors of the country’s economy
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This note was uploaded on 03/02/2011 for the course ASN 234 taught by Professor Zhou during the Fall '10 term at Hobart and William Smith Colleges.

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CHina MIDTERM - G raham Meighan Contemporary China Midterm...

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