(lChinese President Xi Jinping U.S. President Donald Trump at Mar-a-Lago state in Palm Beach, Florida, U.S., April 6, 2017. REUTERS/Carlos Barria/File Photo
American politicians like to blame others for their own problems, and China has emerged as America’s favorite scapegoat, said American economist Stephen Roach.
Stephen Roach, a senior fellow of the Jackson Institute of Global Affairs under Yale University, made the statement in an interview with China Central Television (CCTV) in New York on July 13.
In his book “Unbalanced: The Codependency of America and China”, Roach discussed what caused the trade deficit of the U.S. to China, and argued that the “low-saving” culture and the “enjoy-now-pay-later” lifestyle of the U.S. are the main reasons behind the trade deficit.
“When you don’t save but you want a growth, you must import surplus savings from abroad, and to do that, you run a big balance of payments deficit, and trade deficits with many countries to attract foreign capital. Last year, we had trade deficits with 102 individual countries. That’s an outgrowth of our saving-investment imbalance, not a reflection of China doing damage to us through currencies, unfair trade practices or industrial policy as the Trump Administration is trying to convince the Americans to believe,” said Roach.
Roach had worked in the American investment bank Morgan Stanley for over three decades and cooperated with many Chinese companies. He has his own experience of working with China Construction Bank to establish China International Capital Corporation Limited when he was at Morgan Stanley as an example to refute the so-called “forced-technology transfer”.
“We worked together. Of course, we shared people, we shared systems, we shared solutions, we shared strategies. It was nothing forced about that. We wanted to build a successful business. That’s what joint ventures are all about,” said Roach.
Roach continued to say that China has emerged as America’s favorite scapegoat, and it was fundamentally because of the U.S. political system.
“Why is it that we need to blame others for our problems? I think it goes back to the value proposition behind our political system. We have a very short-term political horizon. We have our House of Representatives gets reelected every two years, senators every six years, the president every four years. None of them can admit that they may have made a mistake in governing, passing laws. And rather than admit that they make mistakes, they find it very convenient to blame others for issues that arise in the United States with respect to income inequality, jobs, real wages,” said Roach. — Reuters
Violent tornado touches down in north China, ravaging villages
Amateur footage of Tornado | Reuters
A rare tornado touched down in Jinghai District of north China’s Tianjin Municipality Monday afternoon, snapping utility poles in half and causing damage to local residences.
The tornado was formed at around 17:30 and barreled through swathes of crop fields and several villages.
Videos taken by local residents showed the sizable tornado from a distance and the glass roof shaking while the fierce wind carrying debris across.
Fortunately, no one was severely injured except a man in Xiwuli Village who was slightly bruised, according to the emergency response team.
Xiwuli village was one of the most affected areas with a utility pole snapping in half then hitting a car. A cottage was flattened while damage to varying degrees has also been caused to some orchards.
The clear-up work and repairs to the broken power facilities are currently underway. — Reuters
Chinese President Xi Jinping to visit PH in November
FILE PHOTO: (Left-Right) Philippine Pres. Rodrigo Duterte and China Pres. Xi Jinping (PCOO)
MANILA, Philippines — Chinese President Xi Jinping’s expected visit to the Philippines by year-end is the latest sign of improving relations between the two countries.
Malacañang said that President Xi’s visit will take place after the APEC Summit in Papua New Guinea in November.
But prior to his visit, a deal on the proposed joint exploration in the West Philippine Sea may possibly be forged.
This is after Foreign Affairs Secretary Alan Peter Cayetano confirmed that President Rodrigo Duterte has approved the creation of a group that will study the proposal.
The Palace also expects Xi to visit Davao City, the home town of President Duterte.
“He was looking forward to visiting the Philippines and I remember in China, the President even invited him not just to come to the Philippines but to come to his house and have dinner in his house in Davao,” Roque said. — UNTV News & Rescue
ASEAN-China agree on draft Code of Conduct negotiating text on South China Sea
ASEAN-China Ministerial Meeting, 2 August 2018, Singapore. From left: Lao Foreign Minister Saleumxay Kommasith, Malaysian Foreign Minister Saifuddin Abdullah, Myanmar International Cooperation Minister Kyaw Tin, Thai Foreign Minister Don Pramudwinai, Viet Nam Deputy Prime Minister and Foreign Minister Pham Binh Minh, PRC State Councillor and Foreign Minister Wang Yi, Singapore Foreign Minister Vivian Balakrishnan, Philippine Foreign Secretary Alan Peter Cayetano, Brunei Second Minister of Foreign Affairs and Trade Erywan bin Pehin Yusof, Cambodian Foreign Minister Prak Sokhonn, Indonesian Foreign Minister Retno Marsudi and ASEAN Secretary-General Lim Jock Hoi. (Photo credit: ASEAN 2018 Organising Committee)
SINGAPORE – Member states of the Association of Southeast Asian Nations (ASEAN) and China agreed on a single draft document that will form the basis of negotiations for a code of conduct in the South China Sea, said Singapore Foreign Affairs Minister Vivian Balakrishnan in his statement on Thursday (August 2) during the annual ASEAN-China ministerial meeting in Singapore.
When asked for details of the draft text, the official declined to reveal any further information due to the “sensitivity of the negotiations,” adding that it would be “premature” to set a deadline for when the negotiations would be completed.
Minister Balakrishnan, however, clarified that the code of conduct “was never meant to resolve territorial disputes.” Therefore, he added that the agreement on a single text does not mean that negotiations are over, or that all the competing claims over territory in the South China Sea are resolved.
“The COC is meant to generate a code of conduct that would ensure peace, stability, and confidence gets build up so that we can continue to make collective progress between ASEAN and China, whilst we take time to resolve the territorial disputes,” he said.
The official called the draft text as “a major achievement” and a “milestone” for the regional bloc.
China has been in dispute with several ASEAN member countries including Brunei, Malaysia, the Philippines and Vietnam over territorial and maritime claims in the South China Sea.
Singapore is the country coordinator of ASEAN-China dialogue relations for three years aside from being this year’s chair of the ASEAN.
“Everyone is glad that we’ve reached this stage. Everyone also hopes that we’ll be able to accelerate the process,” Balakrishnan said.
Minister Balakrishnan said that what is important at present is “to maintain sufficient flexibility so that nobody feels locked in” on the course of the negotiations. – Maila Guevarra / Marje Pelayo