US economic pressure to make China go own way: Analyst
US economic pressure on China will just make Beijing decide its own economic path, a political analyst says.
“China will go its own way. They are committed to follow socialism with Chinese characteristics,” Kim Petersen, co-editor of Dissident Voice said in a phone interview with Press TV on Saturday.
“They hold party congresses every year to plan and develop their economy more and more,” he added.
Peterson was giving his analysis on US President Barack Obama’s recent statement that Washington will keep pressure on China over its currency.
Obama stated on Friday that it is the US which must write the rules for global commerce as it has economic power, not China, because otherwise Chinese companies and their employees will have the edge over their American competitors.
Peterson said, “The fact that President Obama said that the US can keep going after China is something that beggars the imagination since China holds 2 trillion dollars of US Treasury bills, and they are the de facto banker of the US.”
China was the biggest holder of US debt since 2008, but in April, Beijing was surpassed by Japan as the biggest foreign holder of US debt, according o the US Treasury Department.
In other words, Washington now owes more money to Japan than China.
Even with a currency crisis that hit Southeast Asia back in the late 1990s, Beijing wouldn’t suffer like many countries did at the time because the Chinese yuan is pegged to the US dollar, stated Peterson.
He also criticized Obama’s policies on China saying that “he should look at why his US companies are moving all their manufacturing plants to China to take advantage of profit-making at the benefit of employing workers at the US.”
“That means unemployed workers don’t have money to purchase the goods made by US companies,” he noted.
If the US wants to isolate China out of the international economy, China will only go about its own way, Peterson reiterated.
US-China economic tied have expanded substantially over the past 3 decades as trade between the two countries rose from $2 billion in 1979 to $592 billion in 2014, making China America’s biggest trading partner, according to the US government.
Tensions, however, between the two countries are gaining momentum, as China seeks more independence from what it sees as aggressive US trade laws enforced on it by Washington for years.
HDS/GJH
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